Bitcoin immediately attempted to storm $66,500, a level that the cryptocurrency last touched at the end of September 2024. BTC’s positive movement has sparked discussions about whether the cryptocurrency can continue to rise.
We tell you why Bitcoin has grown and what forecast the BTC exchange rate is given by members of the crypto community.
What’s happening with Bitcoin
On October 14, 2024, Bitcoin attempted a $66,500 storm. The last time BTC touched the level was in late September. After attempting to scale the heights, Bitcoin entered a correction. As of the time of writing the review, the coin is trading at $65,549. Bitcoin is 11% away from the absolute maximum recorded on March 14, 2024 at $73,750.
Following Bitcoin, other coins also showed positive dynamics.
Why is Bitcoin growing?
There are several reasons for the positive dynamics of the crypto market. Their combination could give BTC an impetus to launch another wave of growth. Here are the main drivers of the positive dynamics of the crypto market:
1. Expectations for further Fed rate cuts. The direction of movement chosen by the United States can increase the investment attractiveness of such high-risk assets as crypto.
2. Positive reaction to liquidity injections into the market from China. The country’s authorities want to support the banking sector. Part of the liquidity that Chinese regulators will allocate to solve problems may end up in crypto.
3. Preparations for the US presidential elections, which may be won by crypto enthusiast Donald Trump. However, his rival, US Vice President Kamala Harris, also promises to support the crypto community. Therefore, VanEck believes that both politicians as president will be equally useful for the crypto industry.
4. Increasing shortage of coins. As we move away from the fourth BTC halving, which took place in April 2024, there is a shortage of bitcoins in the market. The shortage, which is fueled by the purchase of coins for ETFs, can push the cryptocurrency rate to growth.
5. Growing interest in crypto amid problems in the traditional economy. Aggravations in the geopolitical arena and a decrease in the profitability of classical financial instruments provoke investors to switch to digital assets.
There are other supporting factors. For example, market participants are waiting for BTC to grow based on payments to FTX creditors.
Bitcoin forecast: are there any chances of continued growth?
Founder of CryptoQuant Ki Young Joo thinksthat BTC can continue to grow. He explained his Bitcoin forecast by a decrease in seller activity and growing demand for crypto.
Balance of orders of buyers and sellers of Bitcoin
With him agreed analyst Michael van de Poppe. According to his calculations, BTC is ready to break the downtrend and demonstrate further growth. The next important obstacle to the positive movement of Bitcoin, judging by its chart markings, will be the level of $71,000.
Bitcoin chart markup by Michael van de Poppe
Colleagues supported by crypto blogger Marty Marty. He drew attention to the correlation of BTC with global liquidity. During periods when the Central Bank starts the printing press, which leads to an increase in the money supply, Bitcoin traditionally grows. The next injection of new amounts of money into the market, in his opinion, will also provoke a BTC rally.
According to According to Peter Brandt, a popular analyst in the crypto community, investors’ attention should be focused on the level of $68,224. From the point of view of technical analysis, its breakthrough could open the way for BTC to further growth.
Many believe that Bitcoin has finally accumulated enough strength for further growth. For example, crypto trader Ash Crypto does not rule outthat in a year investors will see BTC at $250,000. Trader “Coosh” Alemzadeh gave an even more optimistic forecast. He sees the potential for Bitcoin to break through the $100,000 level in the near future.
Crypto enthusiast Mark Cullen, in turn, believesit’s too early to talk about the start of a bull run. A correction from a local maximum, in his opinion, could provoke a descent of BTC below $60,000. He indicated the expected trajectories of Bitcoin on the chart.
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Source: Cryptocurrency
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