Bitcoin may reach $ 70,000 in the near future

In recent weeks, the price of bitcoin has been rising rapidly, jumping by more than 30% and surpassing the $ 50,000 mark.

This bullish momentum has sparked new optimism among investors, many of whom are wondering whether the world’s leading cryptocurrency is ready for another assault on its all-time high of $ 69,000. Analysts point to several key technical factors that could push bitcoin to new heights in the coming months. Here are three of them:

Hype around halving
In April 2024, the next bitcoin halving will take place. This event has historically caused a significant price increase, and experts predict a similar outcome this time around.

Macroeconomic situation
The Federal Reserve’s stance to combat deflationary pressures is another factor contributing to the growth of bitcoin’s prospects. Expectations of lower interest rates and increased liquidity injections into the financial system could benefit bitcoin along with other risky assets.

The explosion of ETFs
The long-awaited approval of exchange-traded funds trading in Cryptocurrencies has opened up new avenues for institutional investors to enter the crypto market. These instruments have already attracted billions of dollars in investment. The surge in institutional participation is expected to continue in the second quarter of 2024, potentially pushing the price of bitcoin even higher.

At the time of writing, bitcoin is trading at $ 52,346, up 1% and 9.3% on the day and weekly basis. This is evidenced by CoinGecko data.