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Bitcoin has risen to nearly $70,000, marking its peak since mid-June, currently priced at just above $69,500 as of this report.
As per the crypto analysis firm IntoTheBlock, nearly all Bitcoin holders are now experiencing profits. The firm indicated that if the minimal on-chain resistance and balanced market sentiment persist in the upcoming weeks, the environment appears conducive for further growth.
This bullish trend has also resulted in gains across the broader market. Data from CryptoSlate revealed that significant digital currencies such as Ethereum, Solana, and Binance-backed BNB have all seen increases exceeding 4% within the last 24 hours.
What caused the increase in Bitcoin’s price?
While Bitcoin’s price remained steady over the weekend, it experienced a rise of approximately 3% during Asian trading hours, reaching $69,851 before slightly retracting to $69,515 at the time of this report.
Analysts link this increase to the optimistic sentiment stemming from the recent Bitcoin 2024 conference held in Nashville. At the event, presidential candidate Robert F. Kennedy Jr. and former President Donald Trump expressed strong support for the digital asset, vowing to enhance its prominence if elected.
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President Trump mentioned that he would establish a “strategic Bitcoin reserve” and position the US as a Bitcoin “superpower” should he be re-elected.
In a similar vein, Senator Cynthia Lummis suggested the creation of a strategic Bitcoin reserve for the US, while MicroStrategy’s executive Chairman Michael Saylor projected that Bitcoin could exceed $13 million per coin by 2045.
Is a new all-time high on the horizon?
Blockchain analysis firm SpotOnChain indicates that the current price fluctuations may signal the potential for more substantial gains. The firm forecasts:
“In the upcoming months, we expect some significant movements in the price of $BTC, which potentially reaches $100K in the latter half of 2024 and $150K in the first half of 2025. Bullish.”
However, Markus Thielen, founder of crypto research firm 10x Research, warns that BTC may require broader economic support, such as expected Fed rate cuts or lower inflation, to achieve a breakout. He remarked:
“Based on historical analysis, Bitcoin returns tend to be flat in August and down in September. However, tailwinds from the US interest rate policy, lower inflation, and the election calendar could buffer any downside pressure.”
The post Bitcoin nears $70K as pro-crypto pledges spark market rally appeared first on CryptoSlate.
