Bitcoin traders expect Bitcoin prices to rise to $70,000 in the near term as sentiment in the crypto industry fluctuates ahead of the U.S. election and selling pressure from key wallets subsides.

Lucy Hu, senior analyst at Metalpha, said on Wednesday: "Bitcoin's rebound shows that the market is more optimistic about the outlook for the macro environment. The market is encouraged by Trump's vice presidential candidate, showing that the government and policies are more friendly to cryptocurrencies."

In addition, Lucy Hu pointed out: "Bitcoin may currently be hovering around the 120-day moving average, and the price is expected to rise to $68,000 or even $70,000. But we still need to pay close attention to the Fed's policies and the impact of Mt. Gox's compensation."

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