Bitcoin Bulls Eye $70K Amid Donald Trump’s Rising Chances of Returning as President

As a seasoned researcher with a deep understanding of the cryptocurrency market, I have witnessed the volatile nature of Bitcoin prices and the impact of macroeconomic factors on its trajectory. Based on my analysis, I believe that Bitcoin is poised to reach new heights in the near term, potentially touching $70,000 or even surpassing it.

Bitcoin traders are optimistic that the price could reach up to $70,000 in the short term, given the improving sentiment towards cryptocurrencies prior to the US elections and a decrease in significant selling pressure from major wallets.

According to Lucy Hu, senior analyst at Metalpha, her observation is that the recent surge in Bitcoin’s price reflects a more positive perspective among investors regarding the short-term economic climate. This optimism was fueled by Trump’s vice presidential pick, suggesting a potential administration that may be more supportive of cryptocurrencies and their policies.

“Bitcoin might remain near its 120-day moving average, with potential for reaching $68,000 or even $70,000 if it gains momentum. However, it’s crucial to keep a close eye on the Fed’s policies and any developments related to Mt Gox,” Hu stated.

The moving average is a technical tool that calculates the sum of price data over a specified period to identify the trend’s trajectory. A commonly employed time frame for this purpose is the 120-day moving average, which is considered long-term in analysis.

In recent weeks, Bitcoin displayed erratic price fluctuations, reaching a low of $53,500 around early July. This downturn was caused by the onset of bitcoin payouts from the collapsed exchange Mt. Gox, leading some analysts to forecast pessimistic trends.

As an analyst, I’ve noticed some positive shifts that have brought optimism back to the bullish camp. Recently, wallets connected to the German state of Saxony have liquidated all their bitcoin holdings. However, this development hasn’t dampened spirits as Republican candidate Donald Trump’s pro-crypto stance has rekindled hope within the community.

Trump Announced His Vice Presidential Pick for 2024: Ohio Senator JD Vance, Known for His Supportive Stance on Cryptocurrencies, Held Up to a Quarter of a Million Dollars’ Worth of Bitcoin in 2022.

As a researcher studying the digital assets industry in the US, I’ve noticed a shift in perspective that could lead to more favorable policies towards Bitcoin and cryptocurrencies. With elections approaching, single issue voters and special interest groups are becoming increasingly influential. Therefore, it is reasonable to anticipate policy changes that may be more supportive of these digital assets. (Nick Ruck, head of growth at BitU Protocol, expressed this viewpoint in a recent Telegram message.)

I believe there will be reduced selling pressure from long-term investors in Mt. Gox’s case since the company is distributing funds to its creditors.

The probability of Donald Trump securing victory in the 2024 elections has risen significantly, according to recent data from the betting app Polymarket – climbing from 60% to 69%.