Five Things That Could Spark The Bitcoin Price Surge To $70,000
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.
S&P 500’s Equal-Weighted Index Hit ATH
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.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.
US Fed Rate Cut Will Provide A Boost For BTC Price
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.
The Fourth Quarter Is Bullish For Bitcoin Price
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.
