Several happenings and upcoming Bitcoin news could cause the Bitcoin price to reach $70,000 soon enough. These developments provide optimism amid BTC’s stagnant price action as they will likely reverse the bearish outlook that many investors currently have toward the flagship crypto.
The S&P 500 index recently hit its all-time high (ATH), a development that could cause the BTC price to reach $70,000 soon enough. Other events include the imminent US Fed rate cuts, Binance founder CZ’s release, Q4 approaching and the post-halving rally around 150 days after the event.
The S&P 500’s equal-weighted index hit its all-time high on September 16, rising to $176.55. This uptrend dates back to September 11, as liquidity has continued to flow into stocks in the index. This is bullish for the Bitcoin price because the flagship crypto is known to correlate with the stock markets.
IntoTheBlock data shows that the S&P 500 and BTC correlation is currently at 0.73, indicating a strong positive price correlation. As such, it is only a matter of time before Bitcoin also enjoys a bullish reversal and surge to $70,000, with the stock market in an uptrend.
The US Fed rate cut is expected to boost Bitcoin. Historical trends show that the flagship crypto always benefits from this macro decision. As such, the potential interest rate cut from the Fed, which could come after its FOMC meeting on September 18, will be regarded as bullish Bitcoin news.
This development will boost investors’ confidence to invest in risk assets like BTC. Therefore, there could be an increase in liquidity in the Bitcoin ecosystem, which will spark a rise in its price, causing it to reach $70,000.
Binance’s founder, Changpeng “CZ” Zhao, will be released on September 29. Since there is a positive sentiment around his release, this event will provide bullish momentum to the BTC price. Moreover, the crypto founder remains one of the most popular figures in the crypto space.
Therefore, his return to the space could attract key investors looking to invest in Bitcoin as part of their interest in the crypto market. This will spark a liquidity surge and could cause the Bitcoin price to reach $70,000. It is worth mentioning that crypto prices fell following CZ’s arrest, highlighting his impact on the market and how this is positive Bitcoin news.
Based on history, the fourth quarter of this year is bullish for Bitcoin. Coinglass data shows that BTC enjoyed positive monthly returns throughout Q4 of the 2016 and 2020 halving years. In line with this, Bitcoin could enjoy price rallies throughout October, November, and December this year. A price rally starting in October could send the Bitcoin price to $70,000.
Interestingly, based on this historical trend, crypto analyst Tyler Durden predicts that BTC could reach $100,000 by year-end 2025. Crypto analyst Sweep also shared a similar sentiment, stating that he is bullish on Q4.
Uptember > Uptober > Upvember > $100,000.
— Tyler (@TylerDurden) September 15, 2024
It has been 151 days since the Bitcoin halving on April 19. This indicates that it is almost time for the post-halving rally. Historically, the halving rally begins 150 to 170 days after the event. As popular crypto analyst Lark Davies highlighted, the post-halving rally in the 2021 bull run began 160 days after the event.
Therefore, history could repeat itself with the Bitcoin price enjoying a price rally anytime from now. This price surge will send BTC to $70,000, as the halving rally always marks the beginning of the flagship crypto’s run to a market peak. Crypto analyst Quinten recently noted that the market usually peaks 480 days after the halving.
These events represent positive Bitcoin news that will spark a bullish sentiment among crypto investors, sending the flagship crypto’s price to $70,000. A rise to $70,000 is also significant as it ultimately marks a bullish reversal and should send BTC past its current all-time high of $73,000.
Today's crypto market crash triggered major congestion at some of the top centralized exchanges like…
The crypto market has witnessed the biggest single-day crash in history, with more than $19…
The crypto market is facing further declines following President Donald Trump’s announcement of a 100%…
Following complaints of consistency issues with the ASTER token airdrop, Aster DEX has announced a…
The Bureau of Labor Statistics (BLS) has rescheduled the release of the September Consumer Price…
A group of major world banks is working on a new stablecoin tied to G7…