{"id":575754,"date":"2024-02-19T10:00:39","date_gmt":"2024-02-19T10:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=575754"},"modified":"2024-02-19T09:08:19","modified_gmt":"2024-02-19T09:08:19","slug":"bitcoin-on-steroids-key-technical-factors-fueling-the-rally-to-70000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-on-steroids-key-technical-factors-fueling-the-rally-to-70000\/","title":{"rendered":"Bitcoin On Steroids: Key Technical Factors Fueling The Rally To $70,000"},"content":{"rendered":"

The price of Bitcoin has been on a tear in recent weeks, surging over 30% and breaching the $50,000 mark.<\/a> At the time of writing, Bitcoin was trading at $52,377, up 1.3% and 8.8% in the daily and weekly timeframes, data from Coingecko shows.<\/p>\n

Related Reading: Cardano Solid Stats: ADA Soars 14% On Rising TVL and Market Cap \u2013 Details<\/a><\/div>\n

This bullish momentum has ignited fresh optimism among investors, with many wondering if the world’s leading cryptocurrency is poised for another assault on its all-time high of $69,000.<\/p>\n

Analysts point to several key technical factors that could propel Bitcoin towards new heights in the coming months. Here are three of the most prominent:<\/p>\n

Halving Frenzy<\/strong><\/h2>\n

April 2024 marks the next Bitcoin halving, a highly anticipated event that occurs roughly every four years. During this event, the block reward for miners, currently 6.25 BTC, is slashed in half, effectively reducing the rate at which new Bitcoins enter circulation. This engineered scarcity has historically triggered significant price rallies, and analysts predict a similar outcome this time around.<\/p>\n

\"\"<\/p>\n

Source: IntoTheBlock<\/pre>\n
IntoTheBlock, a quantitative crypto analysis firm, estimates a surge to a new all-time high just one month after the halving. They reason that miners, better prepared for the halving’s impact this time, will hold onto their rewards, limiting selling pressure and potentially boosting the price. Additionally, the halving reduces Bitcoin’s inflation rate from 1.7% to 0.85%, further enhancing its store-of-value appeal.<\/p>\n
\n
We give Bitcoin 85% odds of hitting all-time high in the next 6 months. Curious what’s behind this prediction? read our latest newsletter\ud83d\udc47https:\/\/t.co\/acx2Fbi1Dw<\/a><\/p>\n
\u2014 IntoTheBlock (@intotheblock) February 17, 2024<\/a><\/p><\/blockquote>\n
The CEO of Sound Planning Group and an investment adviser representative, David Stryzewski, gave an explanation of his belief that the price of bitcoin is about to experience a significant upswing on the Schwab Network on Thursday.<\/p>\n
He clarified that the triggers for the rising price momentum for bitcoin are the impending halves of the cryptocurrency and the recently introduced spot exchange-traded funds (ETFs) that the U.S. Securities and Exchange Commission (SEC) approved last month.<\/p>\n
Macroeconomic Tailwinds<\/strong><\/h3>\n
The Federal Reserve’s dovish monetary policy stance, aimed at combating deflationary pressures, is another factor buoying Bitcoin’s prospects. The anticipation of interest rate cuts and increased liquidity injections into the financial system could benefit Bitcoin alongside other risk assets.<\/p>\n
<\/p>\n
Bitcoin market cap remains in the $1 trillion territory. Chart: TradingView.com<\/a><\/pre>\n
ETF Explosion<\/strong><\/h2>\n
The long-awaited approval of Bitcoin Exchange-Traded Funds (ETFs) in late 2023 has opened the floodgates for institutional investors to enter the crypto market. These investment vehicles, which track the price of Bitcoin without requiring direct ownership, have already attracted billions of dollars in inflows. This surge in institutional participation is expected to continue in Q2 2024, potentially pushing the price of Bitcoin even higher.<\/p>\n
The Impact Of US Elections\u00a0<\/strong><\/h3>\n
Furthermore, the upcoming US presidential election in November 2024 could provide an additional tailwind. If a Bitcoin-friendly candidate emerges victorious, it could lead to policies that accelerate cryptocurrency adoption and further legitimize Bitcoin as an asset class.<\/p>\n
Related Reading: UNI Jumps Over 12% \u2013 Here\u2019s Why Investors Flock To This Token<\/a><\/div>\n
Not Without Risks<\/strong><\/h3>\n
The remarkable surge of Bitcoin as it tries to go a notch higher to the vaunted $70,000 level can be attributed to a convergence of key technical factors, propelling the cryptocurrency into uncharted territory. The relentless growth of the hash rate, improved scalability solutions, and ongoing developments in the blockchain ecosystem are collectively fueling this rally.<\/p>\n
Featured image from Freepik, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The price of Bitcoin has been on a tear in recent weeks, surging over 30% and breaching the $50,000 mark. At the time of writing, Bitcoin was trading at $52,377, up 1.3% and 8.8% in the daily and weekly timeframes, data from Coingecko shows. Related Reading: Cardano Solid Stats: ADA Soars 14% On Rising TVL and Market Cap \u2013 Details This bullish momentum has ignited fresh optimism among investors, with many wondering if the world’s leading cryptocurrency is poised for another assault on its all-time high of $69,000. Analysts point to several key technical factors that could propel Bitcoin towards new heights in the coming months. Here are three of the most prominent: Halving Frenzy April 2024 marks the next Bitcoin halving, a highly anticipated event that occurs roughly every four years. During this event, the block reward for miners, currently 6.25 BTC, is slashed in half, effectively reducing the rate at which new Bitcoins enter circulation. This engineered scarcity has historically triggered significant price rallies, and analysts predict a similar outcome this time around. Source: IntoTheBlock IntoTheBlock, a quantitative crypto analysis firm, estimates a surge to a new all-time high just one month after the halving. They reason that miners, better prepared for the halving’s impact this time, will hold onto their rewards, limiting selling pressure and potentially boosting the price. Additionally, the halving reduces Bitcoin’s inflation rate from 1.7% to 0.85%, further enhancing its store-of-value appeal. We give Bitcoin 85% odds of hitting all-time high in the next 6 months. Curious what’s behind this prediction? read our latest newsletter\ud83d\udc47https:\/\/t.co\/acx2Fbi1Dw \u2014 IntoTheBlock (@intotheblock) February 17, 2024 The CEO of Sound Planning Group and an investment adviser representative, David Stryzewski, gave an explanation of his belief that the price of bitcoin is about to experience a significant upswing on the Schwab Network on Thursday. He clarified that the triggers for the rising price momentum for bitcoin are the impending halves of the cryptocurrency and the recently introduced spot exchange-traded funds (ETFs) that the U.S. Securities and Exchange Commission (SEC) approved last month. Macroeconomic Tailwinds The Federal Reserve’s dovish monetary policy stance, aimed at combating deflationary pressures, is another factor buoying Bitcoin’s prospects. The anticipation of interest rate cuts and increased liquidity injections into the financial system could benefit Bitcoin alongside other risk assets. Bitcoin market cap remains in the $1 trillion territory. Chart: TradingView.com ETF Explosion The long-awaited approval of Bitcoin Exchange-Traded Funds (ETFs) in late 2023 has opened the floodgates for institutional investors to enter the crypto market. These investment vehicles, which track the price of Bitcoin without requiring direct ownership, have already attracted billions of dollars in inflows. This surge in institutional participation is expected to continue in Q2 2024, potentially pushing the price of Bitcoin even higher. The Impact Of US Elections\u00a0 Furthermore, the upcoming US presidential election in November 2024 could provide an additional tailwind. If a Bitcoin-friendly candidate emerges victorious, it could lead to policies that accelerate cryptocurrency adoption and further legitimize Bitcoin as an asset class. Related Reading: UNI Jumps Over 12% \u2013 Here\u2019s Why Investors Flock To This Token Not Without Risks The remarkable surge of Bitcoin as it tries to go a notch higher to the vaunted $70,000 level can be attributed to a convergence of key technical factors, propelling the cryptocurrency into uncharted territory. The relentless growth of the hash rate, improved scalability solutions, and ongoing developments in the blockchain ecosystem are collectively fueling this rally. Featured image from Freepik, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":575778,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,6664,1944],"class_list":["post-575754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto","tag-etf"],"acf":[],"yoast_head":"\nBitcoin On Steroids: Technical Factors Fueling Rally To $70,000<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin has been on a tear in recent weeks, surging over 30% and breaching the $50,000 mark. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin On Steroids: Key Technical Factors Fueling The Rally To $70,000","url":"http:\/\/wncen.com\/news\/bitcoin-on-steroids-key-technical-factors-fueling-the-rally-to-70000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-on-steroids-key-technical-factors-fueling-the-rally-to-70000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/a_3d0146.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/a_3d0146.png?fit=878%2C583"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","crypto","etf"],"dateCreated":"2024-02-19T10:00:39Z","datePublished":"2024-02-19T10:00:39Z","dateModified":"2024-02-19T10:00:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin On Steroids: Key Technical Factors Fueling The Rally To $70,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-on-steroids-key-technical-factors-fueling-the-rally-to-70000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-on-steroids-key-technical-factors-fueling-the-rally-to-70000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/a_3d0146.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/a_3d0146.png?fit=878%2C583\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"crypto\",\"etf\"],\"dateCreated\":\"2024-02-19T10:00:39Z\",\"datePublished\":\"2024-02-19T10:00:39Z\",\"dateModified\":\"2024-02-19T10:00:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/a_3d0146.png?fit=878%2C583","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/575754"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=575754"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/575754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/575778"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=575754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=575754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=575754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}