Bitcoin to Breakthrough $70,000 in Coming Weeks, Says Experts

Bitcoin, the world’s leading cryptocurrency, is experiencing a surge in price that has some analysts predicting a breach of the $70,000 mark in the coming weeks.

Bitcoin’s value currently sits above $67,600, a level not seen since the beginning of August, according to CoinGecko data.

The question on everyone’s mind is whether this rally is sustainable. Jonathan de Wet, Chief Investment Officer at Zerocap, believes so, citing a “technical breakout” as a catalyst for further gains. He sees Bitcoin reaching $70,000 within the next few weeks.

This bullish outlook is further fuelled by a confluence of factors, including political developments in the United States. The ongoing presidential election campaign has seen both candidates – Donald Trump and Kamala Harris – make pronouncements about the future of crypto regulation, which is injecting optimism into the market.

Trump has pledged to make the U.S. the global hub for crypto, emphasizing the importance of protecting users’ rights to hold their assets. Harris, meanwhile, has spoken about establishing “rules of the road” for the industry while fostering innovation.

The Trump Effect on Bitcoin Surge

Anndy Lian, an intergovernmental blockchain expert, believes Trump’s proposed establishment of a Bitcoin reserve could be a game changer for crypto regulation, potentially leading to a more favorable environment for investors. Lian predicts that Bitcoin will reach its all-time high next week, citing global monetary policies, including interest rate cuts by major central banks, as a primary driver.

However, there are some clouds on the horizon. De Wet points to China’s economic woes, including soaring local government debt, slow growth, and weak demand, as a potential headwind. China is actively trying to stimulate its economy through billions of dollars in stimulus packages, but the effectiveness of these measures remains uncertain.

Furthermore, geopolitical tensions in the Middle East, a region critical to energy production and trade supply chains, continue to create uncertainty. Despite these concerns, Arthur Hayes, co-founder of BitMex, believes that traders have little to fear from this front, offering a somewhat optimistic view.