Bitcoin’s ongoing price surge is expected to continue, with market experts predicting the cryptocurrency will exceed $70,000 in the near future, Decrypt reports.
The world’s largest cryptocurrency is currently trading above $67,600, marking a significant rise not seen since early August, according to data from CoinGecko.
Experts, including Jonathan de Wet, Chief Investment Officer at Zerocap, suggest that Bitcoin’s bullish momentum remains strong. In a recent investor note, de Wet forecasted that Bitcoin could reach $70,000 within weeks, pointing to a technical breakout that is providing a solid foundation for further gains.
Several factors are converging to support Bitcoin’s upward trajectory, including political developments in the US Both major party candidates have signaled a commitment to shaping the future of cryptocurrency regulation. Former President Donald Trump, the Republican nominee, has promised to turn the US into a global crypto hub, including the potential creation of a Bitcoin reserve. Meanwhile, Democratic Vice President Kamala Harris has pledged to create clear regulatory guidelines for crypto while encouraging innovation.
Intergovernmental blockchain expert Anndy Lian noted that political support for cryptocurrency could lead to a more favorable regulatory environment, which would likely boost investor confidence and increase demand. Lian also anticipates Bitcoin will reach its all-time high next week, driven by global economic conditions, including rate cuts by major central banks.
However, some concerns remain. China’s ongoing economic struggles—marked by rising government debt and slowing growth—pose potential risks. Additionally, geopolitical tensions in the Middle East, a key region for global energy production, add an element of uncertainty.
Despite these challenges, some traders remain optimistic. Arthur Hayes, co-founder of BitMex, suggested that geopolitical concerns may not have a significant negative impact on Bitcoin’s continued growth.
