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

“The rebound in Bitcoin prices suggests that the market is more optimistic about the outlook for the recent macro environment,” said Lucy Hu, senior analyst at Metalpha, on Wednesday. “The market is encouraged by Trump’s vice presidential pick, which suggests that the government and policies are more friendly to cryptocurrencies.”

“Bitcoin may be hovering around the 120-day moving average, and prices may have the momentum to rise to $68,000 or even $70,000, but we need to continue to pay close attention to the Fed’s policies and the impact of the Mt.Gox payout,” Hu added.