Bitcoin News: These things hint that that the Bitcoin price will hit $70,000 soon enough, with a price rally imminent.
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.
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.
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.
CZ's Release Will Provide Bullish
Momentum.
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.
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.
