Bitcoin nears $70K as pro-crypto pledges spark market rally

Bitcoin has surged to nearly $70,000, its highest level since mid-June, standing at just over $69,500 at press time.

According to crypto analysis firm IntoTheBlock, almost all Bitcoin holders are now in profit. If the minimal on-chain resistance and balanced market sentiment continue in the coming weeks, conditions look favorable for more growth, the company said.

The bullish trend has also driven gains across the market. CryptoSlate data showed major digital assets like Ethereum, Solana, and Binance-backed BNB have all increased by over 4% in the past 24 hours.

What drove the Bitcoin price up?

While Bitcoin’s price remained stable over the weekend, it jumped around 3% during Asian trading hours, reaching $69,851 before slightly retracing to $69,515 at the time of reporting.

Analysts attribute this rise to the positive sentiment from the recent Bitcoin 2024 conference in Nashville. At the event, presidential candidate Robert F. Kennedy Jr. and former President Donald Trump firmly committed to the digital asset, promising to elevate its status if elected.

President Trump stated that he would create a “strategic Bitcoin reserve” and make the US a Bitcoin “superpower” if he were re-elected.

Similarly, Senator Cynthia Lummis proposed creating a strategic Bitcoin reserve for the US, while MicroStrategy’s executive Chairman Michael Saylor forecasted Bitcoin could reach over $13 million per coin by 2045.

Is a new ATH coming?

Blockchain analysis firm SpotOnChain suggests that the current price movement could be a precursor to more significant gains. The firm predicts:

“In the upcoming months, we expect some significant movements in the price of $BTC, which potentially reaches $100K in the latter half of 2024 and $150K in the first half of 2025. Bullish.”

However, Markus Thielen, founder of crypto research firm 10x Research, cautions that BTC might need broader economic support, such as anticipated Fed rate cuts or reduced inflation, to break out. He noted:

“Based on historical analysis, Bitcoin returns tend to be flat in August and down in September. However, tailwinds from the US interest rate policy, lower inflation, and the election calendar could buffer any downside pressure”

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