Can Bitcoin Surpass 70,000 USD?

Economic Calendar of the Week:

As Bitcoin Approaches $70,000, All Eyes Are on the U.S. Elections

As Bitcoin approaches $70,000, investors are turning their attention to the U.S. presidential elections. The cryptocurrency market has gained momentum with the increasing likelihood of Donald Trump’s success in the presidential race. Presto Research analyst Min Jung stated, “The $70,000 resistance for Bitcoin is a major psychological threshold. It’s trading close to the all-time high of $73,700.” This peak was observed in March 2024. Trump’s support for the crypto ecosystem, including Web3 technologies, NFTs, and Bitcoin mining, is being positively received by investors. Trump’s rival Kamala Harris has also shown interest in the sector by recently expressing support for crypto regulations. Augustine Fan, director at SOFA.org, said, “A Trump presidency and Republican control of Congress would be the most favorable scenario for the rapid adoption of digital asset reforms.” Crypto reforms supported by Trump and Ohio Senator J.D. Vance could gain more momentum in this case. After the election, the FOMC meeting on November 5th is also on investors’ radar. According to CME Group’s FedWatch data, there is a 94.4% chance of a 25 basis point rate cut at this meeting. Such a cut could push Bitcoin prices even higher. Investors are currently focused on the possibility of Bitcoin breaking through $70,000 ahead of the U.S. elections and the FOMC meeting.

Trump Project

Republican candidate Donald Trump, preparing for the U.S. presidential elections, shared a message on the X platform regarding a new cryptocurrency project called World Liberty Financial (WLFI), supported by his family. The public token sale of WLFI, which began at noon (local time) on Tuesday, raised $10.9 million by Wednesday morning with the sale of 725.61 million tokens. There are still 19.27 billion tokens left to be sold, with the Trump family aiming for a total valuation of $1.5 billion from this initial sale, targeting $300 million from the early phase. The project’s website experienced short-term access issues after the sale began. However, within the first hour, $5 million worth of tokens were sold. Co-founder Zak Folkman stated that over 100,000 people had registered since its launch on September 30th. In his announcement on the X platform, Trump said, “Great news! The World Liberty Financial token sale has begun. Crypto is the technology of the future. Let’s embrace this incredible innovation and showcase our leadership in the digital economy.” The WLFI tokens are designed as governance tokens, granting voting rights on the platform’s future developments. The tokens will be locked and non-transferable for the first year.

Elon Musk to Give Away $1 Million Per Day to One Person

American billionaire and tech giant Elon Musk has announced an unusual campaign to declare his support for a political action committee that backs former U.S. President Donald Trump. Musk stated that he will award $1 million daily to one person. These awards will be given to randomly selected individuals who sign a petition launched by the America PAC in support of the Constitution, which also backs Trump. Musk’s campaign is seen as an effort to draw attention, particularly from Trump supporters, as the 2024 presidential election approaches. The campaign has sparked significant interest, especially among voters in regions where Trump is strong. However, Musk’s move has raised questions among some legal experts, who argue that it may violate election laws. The awards are viewed as a direct effort to mobilize pro-Trump voters and support Trump’s re-election campaign.

2024 Year-End Bitcoin Predictions:

BTC:

Signals of the FED leaning towards rate cuts, the increasing likelihood of Trump winning the U.S. elections in November, and the weakening of the Japanese yen continue to strengthen positive expectations for Bitcoin. The big question on everyone’s mind now is: Can Bitcoin surpass $70,000, and if it does, will this rally be sustainable?

Let’s look at these questions through ITB analyses. 95% of investors being in profit indicates a general gain trend in the Bitcoin market. Only 2% of participants are in a loss, creating a positive atmosphere in the market. Whales have a 12% impact on the market.
70% of investors hold their assets for more than a year, 24% for 1-12 months, and only 6% for less than a month. This shows that most investors are long-term holders and confident in the asset. As a result, BTC supply on exchanges is decreasing while long-term investors are holding onto their coins. Positive indicators include an increase in transaction volume and improved liquidity. Additionally, whales continuing to buy further strengthens bullish signals in the market. However, short-term volatility may persist, so the $70,000 level should be watched as a critical resistance point.