Analysts name reasons for bitcoin’s growth to $ 70,000

The flagship of the cryptocurrency market almost reached the $ 70,000 mark on July 29, hitting a seven-week high. The value of bitcoin rose to $ 69,775.

This is only 5.7% less than its all-time high of $ 73,757 reached on March 14. The last time bitcoin traded at this level was on June 13, when it reached $ 70,000, but then retreated due to resistance.

An analyst with the pseudonym Titan of Crypto noted that BTC could reach $ 110,000 as the asset is leaving the cup-and-handle formation on the chart. Positive sentiment about bitcoin is being reinforced by statements made by two US presidential candidates and a prominent Republican senator at the Bitcoin 2024 conference in Nashville, Tennessee, which took place from July 25 to 27.

Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis spoke in favor of creating a strategic bitcoin reserve for the United States. Donald Trump, the former US president, has promised that the government will no longer sell bitcoins if he becomes president. This could put significant pressure on buyers and potentially lead to a supply shortage in the bitcoin market.

Positive sentiment is also supported by the low growth of the personal consumption expenditure index in June by 0.1%, which increases confidence in the interest rate cut in September due to controlled inflation.

The Federal Reserve is expected to make a rate decision at its July 31 meeting. The market expects the Fed to leave rates unchanged. According to CME Group forecasts, the probability of leaving rates at 5.25%-5.5% is 95.9%.