Analysis: Bitcoin is expected to rise to $70,000, but attention must still be paid to the impact of Federal Reserve policies and Mt. Gox payouts

2024-07-17 15:31:07

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ChainCatcher news, Bitcoin traders expect that as the sentiment around the broader cryptocurrency industry fluctuates ahead of the U.S. elections, and the selling pressure from key wallets subsides, the price of Bitcoin will rise to reach $70,000 in the near term.

"The rebound in Bitcoin's price indicates that the market is more optimistic about the recent macro environment," said Lucy Hu, a senior analyst at Metalpha, on Wednesday. "The market is encouraged by Trump's vice presidential pick, which suggests a more favorable government and policy stance towards cryptocurrencies."

"Bitcoin may hover around the 120-day moving average, with the potential to rise to $68,000 or even $70,000, but we need to continue closely monitoring the Federal Reserve's policies and the impact of Mt. Gox payouts," Hu added.

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