Bitcoin’s Bullish Momentum: What’s Driving the Price Surge?
Bitcoin has started the week on a high note, reigniting bullish sentiment among crypto investors. As the price of Bitcoin trends upward, the major target of $70,000 is now within sight. Renowned crypto analyst, Arthur Signals, suggests that Bitcoin is entering the final and most bullish wave, Wave 5, which could propel BTC to its all-time high (ATH) and beyond.
Analyst Predicts Bitcoin Could Reach $72,000
In a detailed TradingView analysis, Arthur Signals outlines the recent performance of Bitcoin. He highlights that Bitcoin's journey through July has set the stage for Wave 5. The first wave saw Bitcoin rising from its lows below $54,000. This was followed by a correction in Wave 2, dropping the price to $56,000. Wave 3 brought an increase to over $65,000, and Wave 4 saw a slight decline to $63,000 over the weekend.
Wave 5, typically the most bullish wave, is now underway. Arthur Signals predicts that Bitcoin could break above $70,000 and potentially reach its ATH of $73,000. However, for this move to be validated, Bitcoin must surpass the $68,275 peak recorded on Sunday. A successful breakout here could see Bitcoin targeting $72,000.
Global Events Bolstering Bitcoin’s Potential
Beyond technical analysis, various global events are also contributing to Bitcoin’s bullish outlook. A significant factor is the upcoming US presidential election. President Joe Biden has announced he will not seek re-election, endorsing Vice President Kamala Harris for the Democratic ticket. This development has injected volatility into the market, but also strengthened expectations of a Republican victory, particularly for Donald Trump, who is known for his crypto-friendly stance.
Trump’s potential victory could be a game-changer for Bitcoin. His administration has hinted at supporting Bitcoin for treasury purposes, and rumors are swirling that he might appoint BlackRock CEO Larry Fink as Treasury Secretary. These factors combined are generating bullish expectations for Bitcoin’s performance in the near future.
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