Bitcoin’s Bullish Run: Nearing $70K as Politicians Back Cryptocurrency

Bitcoin has surged to nearly $70,000, its highest point since mid-June, currently standing at just over $69,500. This remarkable rise is driven by recent bullish endorsements from key political figures and discussions about strategic reserves.

Political Endorsements Boost Bitcoin Sentiment

The recent Bitcoin 2024 conference in Nashville significantly influenced the market. Presidential candidates Robert F. Kennedy Jr. and former President Donald Trump made strong commitments to support Bitcoin, sparking positive sentiment. Trump pledged to create a “strategic Bitcoin reserve” and establish the U.S. as a Bitcoin superpower if re-elected.

Senator Cynthia Lummis echoed this sentiment, suggesting the creation of a strategic Bitcoin reserve for the U.S. Additionally, MicroStrategy’s executive chairman Michael Saylor forecasted Bitcoin’s potential to reach over $13 million per coin by 2045.

Market Reaction and Analysis

Crypto analysis firm IntoTheBlock reported that nearly all Bitcoin holders are now in profit, highlighting favourable conditions for further growth if the current minimal on-chain resistance and balanced market sentiment persist. The positive momentum extended beyond Bitcoin, with major digital assets like Ethereum, Solana, and Binance-backed BNB all experiencing gains of over 4% in the past 24 hours, according to CryptoSlate data.

During Asian trading hours, Bitcoin jumped around 3%, reaching $69,851 before slightly retracing to $69,515 at the time of reporting.

Is a New All-Time High on the Horizon?

Blockchain analysis firm SpotOnChain suggests that the recent price movements could be a precursor to more significant gains. The firm predicts Bitcoin could potentially reach $100,000 in the latter half of 2024 and $150,000 in the first half of 2025, driven by bullish sentiment.

However, Markus Thielen, founder of crypto research firm 10x Research, cautions that Bitcoin might need broader economic support to sustain its upward trajectory. He noted that historical trends show flat returns in August and declines in September for Bitcoin. Tailwinds from U.S. interest rate policy, lower inflation, and the election calendar could help mitigate downside pressure.

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