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Cryptocurrency News Articles
Bitcoin (BTC) Price Surged Past $64000, Reigniting Market Sentiment; Projects a $260,000 Price Target by 2025
Oct 07, 2024 at 10:07 pm
Bitcoin (BTC) price surged past $64,000 recently, fueling optimism among traders. The move above the price mark has reignited market sentiment
As Bitcoin (BTC) price surged past $64,000 recently, sparking optimism among traders, several key bullish cues are emerging. One fractal chart analysis suggests BTC is building up for its next major price surge, with a projected peak of $350,000 by 2025.
The chart, shared by independent crypto analyst “0xNobler,” highlights key price points from previous cycles—$1,200 in 2013, $14,000 in 2017, and $59,000 in 2021. It shows that each cycle sees higher highs, and the current consolidation phase could lead to rapid price increases.
Moreover, several bullish cues directly support Bitcoin’s potential rally, making the $260,000 target more plausible. First, the Federal Reserve’s expected rate cuts could inject market liquidity. CME’s Federal Watch tool estimates an 89.4% chance of the Fed lowering rates again to a range between 4.50% and 4.75%.
Lower interest rates push investors toward risk-on assets like Bitcoin, providing a favorable macro backdrop for a price surge.
Next, the weakening USDT is another crucial factor. As Tether’s USDT shows signs of weakening, primarily due to a shift in demand from Chinese investors, it could have broader market implications. Chinese investors have begun selling off USDT to favor the surging domestic stock market.
China’s central bank easing economic policies to boost the stock market triggered the shift, prompting more demand for local assets and the U.S. dollar over stablecoins like USDT. As confidence in USDT weakens and the discount to the dollar widens, investors might shift their capital into Bitcoin as a safer store of value.
A flight from USDT to BTC could boost demand, increasing Bitcoin prices. The weakening USDT discount reflects this increased demand for dollars and yuan, and this transition could intensify as investors grow wary of holding USDT.
If the trend continues, Bitcoin could benefit significantly from a broader shift in capital away from USDT.
Furthermore, another bullish historical fractal that forms after Bitcoin’s halving event could help the token kickstart a bull run.
Collectively, these bullish cues and technical indicators paint a promising picture for Bitcoin’s price trajectory. However, investors should note the inherent volatility of cryptocurrencies and conduct their own due diligence before making investment decisions.
Disclaimer:info@kdj.com
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