BTC going to $70K soon?
The price of Bitcoin dropped 3 percent to $64,258 over the past 24 hours, Trading View’s Bitcoin chart shows.
The cryptocurrency trend was negative over the past 24 hours after the Federal Reserve hinted at a potential a rate cut in September. The US central bank kept its benchmark rate unchanged at a 23-year high. This means that less risky assets such as bonds generate relatively high returns.
“Commentary has been leaning positive toward Bitcoin this week. In fact, this is the highest level of bullish commentary from the crypto crowd since the week of May 15th. The level of optimism from the crowd indicates that many believe 70K BTC is imminent,” the crypto research firm Santiment said.
“As crypto investors, we spend a lot of time focused on downside risk. We’re all acutely aware that, at any moment, an event might occur that will drive prices sharply lower. It’s fairly common for people to say that bitcoin ‘could go to zero.’ I think we have to accept that there is now an equal risk to the upside,” Bitwise’s CIO, Matt Hougan, writes in his weekly note following the world’s largest Bitcoin conference held in Nashville last weekend.
“If the 2024 Bitcoin Conference conveyed anything, it was this: It’s time to rethink what’s possible for Bitcoin,” he concludes.
A strong sun will shine over Bitcoin in the next 24 hours, indicating a bullish trend with buy signals. 🌞
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The cryptocurrency trend was negative over the past 24 hours after the Federal Reserve hinted at a potential a rate cut in September. The US central bank kept its benchmark rate unchanged at a 23-year high. This means that less risky assets such as bonds generate relatively high returns.
“Commentary has been leaning positive toward Bitcoin this week. In fact, this is the highest level of bullish commentary from the crypto crowd since the week of May 15th. The level of optimism from the crowd indicates that many believe 70K BTC is imminent,” the crypto research firm Santiment said.
“As crypto investors, we spend a lot of time focused on downside risk. We’re all acutely aware that, at any moment, an event might occur that will drive prices sharply lower. It’s fairly common for people to say that bitcoin ‘could go to zero.’ I think we have to accept that there is now an equal risk to the upside,” Bitwise’s CIO, Matt Hougan, writes in his weekly note following the world’s largest Bitcoin conference held in Nashville last weekend.
“If the 2024 Bitcoin Conference conveyed anything, it was this: It’s time to rethink what’s possible for Bitcoin,” he concludes.
A strong sun will shine over Bitcoin in the next 24 hours, indicating a bullish trend with buy signals. 🌞
Follow us for more crypto news and weather reports!
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