Bitcoin traders expect the price of Bitcoin to hit $70,000 in the near term as sentiment around the broader crypto industry fluctuates ahead of the U.S. election and selling pressure from key wallets subsides.
“The rebound in Bitcoin prices suggests that the market is more optimistic about the outlook for the near-term macro environment,” Lucy Hu, senior analyst at Metalpha, said on Wednesday. “The market is encouraged by Trump’s vice presidential pick, which suggests that the government and policies are more friendly to cryptocurrencies.”
“Bitcoin may be hovering around the 120-day moving average, and the price may have momentum to rise to $68,000 or even $70,000, but we need to continue to pay close attention to the Fed’s policy and the impact of the Mt.Gox payout,” Hu added. (CoinDesk)