Traders Forecast Bitcoin Could Surge to $70K on Optimistic Outlook and Trump’s Rising Presidential Chances
Traders are anticipating that Bitcoin might climb to $70,000, driven by a more favorable macro environment and the possibility of a crypto-friendly U.S. administration under Donald Trump.
Diminished selling pressure from major wallets and a more promising political climate for the crypto industry have fueled this bullish sentiment, despite ongoing volatility and concerns about Mt. Gox repayments.
Bitcoin (BTC) traders are predicting that prices could reach $70,000 in the near term, as positive sentiment towards the broader crypto market grows ahead of the U.S. elections and selling pressure from significant wallets decreases.
Lucy Hu, a senior analyst at Metalpha, told CoinDesk, “The recent rebound in Bitcoin’s price indicates a more optimistic outlook for the near-term macro environment. Market confidence was bolstered by Trump’s vice presidential pick, suggesting a more crypto-friendly administration and policies.”
Hu also noted that “BTC could trend around the 120-day moving average and potentially rise to $68,000 or even $70,000. However, we need to closely monitor Fed policies and the implications of Mt. Gox.”
The 120-day moving average is a technical indicator that helps identify long-term price trends.
Bitcoin has experienced significant price fluctuations recently, falling to $53,500 in early July due to Mt. Gox’s bitcoin repayments, which triggered bearish forecasts.
However, recent developments have shifted the outlook. Wallets associated with the German state of Saxony have liquidated their Bitcoin holdings, and Trump’s supportive stance on crypto has reignited optimism. Trump’s choice of Ohio Senator JD Vance, known for his pro-crypto views and previous Bitcoin holdings, as his 2024 running mate has further fueled hopes for a more favorable regulatory environment.
Nick Ruck, head of growth at BitU Protocol, shared in a Telegram message, “The shifting perspective on digital assets in the U.S. is creating expectations for more favorable Bitcoin and crypto policies as the elections aim to attract single-issue voters and special interest groups.”
He added, “There is also reduced expected sell pressure in the long term as Mt. Gox continues to distribute funds to creditors.”
According to Polymarket, the odds of Trump winning the 2024 election have increased to 69% from 60% over the past week.
