Why Bitcoin Could Rise to $70,000?
The founders of Glassnode, through their cryptocurrency analysis platform Swissblock, pointed out that Bitcoin is expected to reach $70,000 due to the current low market risk, coupled with the increase in network activity.
In addition, they mentioned that when the BTC price rose to $64,000, the market risk profile fell from high to low levels, which opened up space for further gains.
Interestingly, the rebounds in May, June, and July occurred after the asset showed low-risk characteristics. So, a similar trend may occur, pushing the cryptocurrency to $70,000.
In addition, Swissblock also mentioned that the improvement in the growth of the Bitcoin network is also a proof that the upward trend can continue.
"Network growth is back on the upward track and even reached the highs in July. Not only is the growth obvious, but it also reverses the downward trend that has been in place since the halving."
"Is this the same situation again? The increase in open interest is even faster than the Bitcoin price. Both times before, we made quick profits."
