Bitcoin Targets $70,000 Amid Growing Chances of Donald Trump Being President Again
“BTC could hover around the 120-day moving average, and the price may have the momentum to rise to $68k or even $70k, but we must continue to closely monitor Fed policies and the implications of Mt Gox,” said one trader.
“Bitcoin’s price rally shows that the market has a more optimistic outlook on the near-term macroeconomic environment,” Lucy Hu, senior analyst at Metalpha, shared in a message to CoinDesk on Wednesday. “The market was encouraged by Trump's vice presidential pick, indicating a more crypto-friendly administration and policies.”
“BTC could hover around the 120-day moving average, and the price may have the momentum to rise to $68k or even $70k, but we must continue to closely monitor the Fed's policies and the implications of Mt Gox,” Hu added.
Trump has chosen Ohio Senator JD Vance, a cryptocurrency-friendly figure, as his running mate for 2024. In 2022, Vance owned up to $250,000 in BTC.
“A shift in perspective on the digital asset industry in the US is raising expectations of more favorable policy toward Bitcoin and cryptocurrencies as elections seek to capture single-issue voters and special interest groups,” Nick Ruck, head of growth at BitU Protocol, shared in a Telegram message.
"Lower long-term selling pressure is also expected as Mt Gox distributes funds to creditors," Ruck added.
