Bitcoin Nears $70,000: Only 5.7% Shy of Its All-Time Peak

• The Bitcoin price is forming a cup-and-handle chart pattern suggesting a major breakout that could trigger a rally to $110,000.
• US lawmakers, including presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis, discussed creating a strategic Bitcoin reserve.

Following the successful Bitcoin Conference 2024 last week, The Bitcoin price is showing bullish momentum surging all the way to $70,000. As of press time, the Bitcoin price is trading at 2.97% up at $69,791.69 with a market cap of $1.38 trillion.

Thus, the BTC price is trading just 6% away from its all-time high of $73,757, which occurred four and a half months ago on March 14. However, the Bitcoin price continues to face strong resistance at $70,000 as of now.

In a message on the X platform last week on July 27, the “Titan of Crypto” said that Bitcoin is programmed for $110,000 as the asset class is breaking out from its cup-and-handle chart pattern.

At the Bitcoin Conference last week, US lawmakers came in support of Bitcoin along with strong support from two US Presidential candidates as well as a popular Republican Senator.

Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis discussed the idea of establishing a strategic Bitcoin reserve for the US. Meanwhile, former President Donald Trump stated that if re-elected, the government wouldn’t sell any more Bitcoin, as reported by Crypto News Flash. If implemented, this could create significant buying pressure and potentially lead to a supply shock in BTC markets.

Key Bitcoin Indicators That Point to Future Growth

Let’s take a look at the few BTC indicators that point to real growth for the cryptocurrency.

1. The BTC price bounced back strongly from the critical support levels of $63,500 showing strength on the technical chart.
2. The market cap of stablecoins like Tether’s USDT and Circle’s USDC is on the rise. Thus, the surge in market cap directly correlates with the surge in the BTC price.
3. Bitcoin miner capitulation has reduced as the Bitcoin miners are no longer underpaid. Instead, most of them are fairly paid which means that Bitcoin mining and selling allows them to break even at the current price. Thus, there’s less urge to sell in order to cover the operational costs.
4. Bitcoin ETFs have once against started strong inflows in recent weeks.
5. Selling pressure from Mt. Gox distribution has subsided with most of the creditors showing a willingness to hold their BTC in the hope of a future rally, per the CNF report.
6. The introduction of spot Ethereum ETFs last week has returned positive sentiment in the market while triggering strong trading activity, reported CNF.

BTC Price Heading to $100K

Popular market analytics platform Spot on Chain noted that Bitcoin has been showing much strength in the recent recovery, which could likely take the prices even higher. With key events such as Fed rate cuts and US elections ahead of us, Spot on Chain predicts that BTC price could potentially surge to $100K by the 2024-end, and even further to $150K by the end of 2025.

Similar to what we predicted in April, the #Bitcoin price had dipped to as low as $54.7K and is now rebounding to $70K in this turbulent July.

In the upcoming months, we expect some significant movements in the price of $BTC, which potentially reaches $100K in the latter… https://t.co/lie8sHEtS4 pic.twitter.com/NEChnh6DmX

— Spot On Chain (@spotonchain) July 29, 2024