As a seasoned crypto investor with a knack for deciphering market trends and historical patterns, I find myself increasingly optimistic about the future price trajectory of Bitcoin. The confluence of these five events, from the S&P 500’s ATH to the imminent US Fed rate cuts, Binance founder CZ’s release, Q4 approaching, and the post-halving rally, could collectively propel Bitcoin price towards the coveted $70,000 mark.
As an analyst, I am confidently expressing that recent and impending Bitcoin news could propel its value towards $70,000 in a short span of time. These developments instill optimism within the stagnant price dynamics of BTC, as they are likely to counteract the bearish sentiment that currently pervades many investors regarding this leading cryptocurrency.
Five Things That Could Spark The Bitcoin Price Surge To $70,000
The S&P 500 index recently hit its all-time high (ATH), a development that could cause the BTC price to reach $70,000 soon enough. Other events include the imminent US Fed rate cuts, Binance founder CZ’s release, Q4 approaching and the post-halving rally around 150 days after the event.
S&P 500’s Equal-Weighted Index Hit ATH
As an analyst, I’ve noticed that on September 16, the S&P 500’s equal-weighted index reached its highest point ever at $176.55. This upward trend has been ongoing since September 11, with a steady influx of liquidity into the index’s stocks. This bullish market movement is significant because Bitcoin, being the leading cryptocurrency, often mirrors stock market trends.
The data from IntoTheBlock suggests that the relationship between the S&P 500 and Bitcoin (BTC) is currently quite strong, with a correlation coefficient of 0.73. This means that when one rises, the other tends to follow suit. Given this strong positive link, it’s likely that Bitcoin could soon experience a bullish turnaround and potentially reach $70,000, especially if the stock market continues its upward trend.
US Fed Rate Cut Will Provide A Boost For BTC Price
It’s anticipated that a reduction in the US Federal Reserve’s interest rates could stimulate Bitcoin. Over time, it’s been noticed that this digital currency tends to thrive under such macroeconomic decisions. Therefore, a possible interest rate reduction by the Fed, which might occur following its FOMC meeting on September 18, is likely to be seen as positive news for Bitcoin.
This advancement is likely to encourage investors to put their money into riskier assets such as Bitcoin. This increased investment could lead to higher liquidity within the Bitcoin market, potentially pushing up its value towards the $70,000 mark.
CZ’s Release Will Provide Bullish Momentum
On September 29, Binance’s founder, Changpeng “CZ” Zhao, will be freed from detention. The optimistic atmosphere surrounding his release is expected to fuel a rise in Bitcoin’s price, creating a bullish trend. Additionally, Zhao remains one of the most influential figures in the cryptocurrency world.
Consequently, his re-entry into space might pique the interest of major investors keen on Bitcoin, thereby fueling a surge in liquidity. This could potentially propel the Bitcoin price to hit $70,000. It’s noteworthy that crypto prices dipped after CZ’s arrest, demonstrating his market influence and making this news favorable for Bitcoin holders.
The Fourth Quarter Is Bullish For Bitcoin Price
Historically speaking, the final three months of this current year (October, November, and December) have typically been favorable for Bitcoin, as it has shown positive monthly returns during Q4 in both 2016 and 2020, which were years that saw Bitcoin halving events. This trend suggests that we might see a surge in Bitcoin prices throughout these months. In fact, if a rally starts in October, there’s a possibility that the Bitcoin price could reach $70,000 by the end of the year.
It’s worth noting that crypto expert Tyler Durden anticipates Bitcoin to hit $100,000 before the end of 2025, based on past trends. Another crypto analyst, known as Sweep, also expressed optimism for the fourth quarter of this year, indicating a bullish outlook.
Uptember > Uptober > Upvember > $100,000.
— Tyler (@TylerDurden) September 15, 2024
It Is Almost Time For Post-Halving Rally
It has been 151 days since the Bitcoin halving on April 19. This indicates that it is almost time for the post-halving rally. Historically, the halving rally begins 150 to 170 days after the event. As popular crypto analyst Lark Davies highlighted, the post-halving rally in the 2021 bull run began 160 days after the event.
Consequently, it’s possible that historical patterns may reoccur, leading to a potential increase in Bitcoin’s price in the near future. This upward trend could propel BTC to reach $70,000, as the halving event typically initiates the start of Bitcoin’s journey towards its market peak.
Conclusion
These occurrences signal optimistic Bitcoin updates that are likely to stir enthusiasm among cryptocurrency investors, potentially pushing the primary crypto’s value up to around $70,000. Reaching $70,000 is also important because it symbolizes a bullish reversal and could help Bitcoin surpass its current record high of roughly $73,000.
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2024-09-17 13:50