Several happenings and upcoming Bitcoin information may trigger the Bitcoin worth to succeed in $70,000 quickly sufficient. These developments present optimism amid BTC’s stagnant worth motion as they may doubtless reverse the bearish outlook that many buyers at the moment have towards the flagship crypto.
Five Things That Could Spark The Bitcoin Price Surge To $70,000
The S&P 500 index lately hit its all-time excessive (ATH), a improvement that would trigger the BTC worth to succeed in $70,000 quickly sufficient. Other occasions embrace the approaching US Fed charge cuts, Binance founder CZ’s launch, This autumn approaching and the post-halving rally round 150 days after the occasion.
S&P 500’s Equal-Weighted Index Hit ATH
The S&P 500’s equal-weighted index hit its all-time excessive on September 16, rising to $176.55. This uptrend dates again to September 11, as liquidity has continued to circulation into shares within the index. This is bullish for the Bitcoin worth as a result of the flagship crypto is thought to correlate with the inventory markets.
IntoTheBlock data exhibits that the S&P 500 and BTC correlation is at the moment at 0.73, indicating a robust optimistic worth correlation. As such, it is just a matter of time earlier than Bitcoin additionally enjoys a bullish reversal and surge to $70,000, with the inventory market in an uptrend.
US Fed Rate Cut Will Provide A Boost For BTC Price
The US Fed charge lower is predicted to increase Bitcoin. Historical trends present that the flagship crypto all the time advantages from this macro choice. As such, the potential rate of interest lower from the Fed, which may come after its FOMC assembly on September 18, shall be thought to be bullish Bitcoin information.
This improvement will increase buyers’ confidence to spend money on threat property like BTC. Therefore, there might be a rise in liquidity within the Bitcoin ecosystem, which is able to spark an increase in its worth, inflicting it to succeed in $70,000.
CZ’s Release Will Provide Bullish Momentum
Binance’s founder, Changpeng “CZ” Zhao, shall be launched on September 29. Since there’s a optimistic sentiment round his launch, this occasion will present bullish momentum to the BTC worth. Moreover, the crypto founder stays one of the vital fashionable figures within the crypto area.
Therefore, his return to the area may entice key buyers trying to spend money on Bitcoin as a part of their curiosity within the crypto market. This will spark a liquidity surge and will trigger the Bitcoin worth to succeed in $70,000. It is value mentioning that crypto costs fell following CZ’s arrest, highlighting his influence in the marketplace and the way that is optimistic Bitcoin information.
The Fourth Quarter Is Bullish For Bitcoin Price
Based on historical past, the fourth quarter of this yr is bullish for Bitcoin. Coinglass data exhibits that BTC loved optimistic month-to-month returns all through This autumn of the 2016 and 2020 halving years. In line with this, Bitcoin may get pleasure from worth rallies all through October, November, and December this yr. A worth rally beginning in October may ship the Bitcoin worth to $70,000.
Interestingly, primarily based on this historic development, crypto analyst Tyler Durden predicts that BTC may attain $100,000 by year-end 2025. Crypto analyst Sweep additionally shared the same sentiment, stating that he’s bullish on This autumn.
Uptember > Uptober > Upvember > $100,000.
— Tyler (@TylerDurden) September 15, 2024
It Is Almost Time For Post-Halving Rally
It has been 151 days because the Bitcoin halving on April 19. This signifies that it’s nearly time for the post-halving rally. Historically, the halving rally begins 150 to 170 days after the occasion. As fashionable crypto analyst Lark Davies highlighted, the post-halving rally within the 2021 bull run started 160 days after the occasion. 
Therefore, historical past may repeat itself with the Bitcoin worth having fun with a worth rally anytime from now. This worth surge will ship BTC to $70,000, because the halving rally all the time marks the start of the flagship crypto’s run to a market peak.
Conclusion
These occasions signify optimistic Bitcoin information that’s positive to spark a bullish sentiment amongst crypto buyers, sending the flagship crypto’s worth to $70,000. An increase to $70,000 can also be important because it finally marks a bullish reversal and may ship BTC previous its present all-time excessive of $73,000.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto information author and editor who has coated subjects that lower throughout DeFi, NFTs, good contracts, and blockchain interoperability, amongst others. Boluwatife has a knack for simplifying essentially the most technical ideas and making it straightforward for crypto newbies to know. Away from writing, Boluwatife is an avid basketball lover and a part-time degen.
Disclaimer: The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
