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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: BTC Nears $70K, Will the Bull Market Return?
Oct 21, 2024 at 11:01 pm
2024 has been a rollercoaster for digital assets, causing some to question the potential for another bull run. Yet, with central banks easing
2024 has been a rollercoaster for digital assets, causing some to question the potential for another bull run. Yet, with central banks easing monetary policy lately, the crypto market has responded with sporadic surges.
Over the weekend, Bitcoin surged to just under $70,000, nearing its all-time high of $74,000. This jump has ignited bullish sentiment, with investors anticipating a potential breakout.
Crypto Market Sentiment Soars
Bitcoin spiked higher on Sunday evening (GMT,) continuing into the early hours of Monday, reaching a 12-week high of $69,500. However, the leading cryptocurrency subsequently gave up all of Sunday’s gains at the time of writing.
Despite this, crypto market sentiment has been lifted recently by central banks easing monetary policy. Last month, the Fed cut rates by 50 basis points, while China boosted liquidity, making it easier for banks to borrow.
On October 21, the People’s Bank of China furthered these efforts, cutting rates by 25 basis points to stimulate consumer spending.
This easing of monetary policy has sparked optimism in the crypto community, leading to a sharp rise in sentiment. According to the Fear and Greed Index, crypto sentiment soared in October, quickly moving from a low of 32 to a current reading of 72.
This shift, nearing extreme greed territory, reflects growing confidence in a major crypto market breakout.
Major Bull Run Coming?
Current market conditions have sparked bullish predictions from prominent figures. Investor Mike Alfred recently posted that we could be on the verge of “the biggest Bitcoin bull market of all time,” reflecting the general sentiment of market watchers.
Just a hunch, but we might be headed in to the biggest Bitcoin bull market of all time.
Macroeconomist Michaël van de Poppe echoed this sentiment, confidently predicting that Bitcoin will reach a new all-time high soon while reaffirming his view that “the bull market is here.”
However, despite the noticeable enthusiasm across social media, there is no guarantee that these bullish predictions will result in a sustained upward trend in crypto markets.
The Money Supply Goes Parabolic
The crypto market bull case is supported by loosening monetary conditions, which is reflected in the global M2 money supply. This measure includes cash and short-term deposits circulating in the world economy.
An increase in the money supply, driven by money printing and credit expansion, means more liquidity is available for spending, saving, and investing.
Since October 2023, the global M2 money supply has surged by $7 trillion, reaching $107.7 trillion. Many believe this expanding money supply could fuel a boom in asset prices, including crypto markets.
On the Flipside
Why This Matters
The crypto market may be on track to reach dizzying new heights over the coming weeks and months, but all markets are cyclical.
Bitcoin ETF options get SEC approval.Bitcoin Gains Fuel as Global Currencies Weaken: What’s Next?Samson Mow lobbies German lawmakers for Bitcoin adoption.Mow Advocates for Bitcoin State Adoption at German Bundestag
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