Bitcoin Surges as the Market Is Hit by a China "Tsunami" and Former U.S. President Donald Trump Teases "Big News"

The bitcoin price has returned to near its all-time high of almost $70,000 per bitcoin after BlackRock chief executive Larry Fink revealed his huge plan for bitcoin and crypto.

The bitcoin price has surged to almost its all-time high again this week as a China "tsunami" hits markets and Donald Trump teases "big news."

Now, as MicroStrategy's Michael Saylor unveils his bitcoin "endgame," billionaire investor Stanley Druckenmiller has predicted a market "melt up" as the bitcoin price approaches "a tipping point."

Bitcoin has returned to almost its all-time high again this week following a surprising interest rate cut by the Federal Reserve.

Now, as top traders reveal their bullish bitcoin price predictions, billionaire investor Stanley Druckenmiller has predicted a market "melt up" as bitcoin approaches "a tipping point."

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The bitcoin price has soared 30% from its 2023 low, while the S&P 500 has crashed 20% over the same period. Last month, Fed chair Jerome Powell cut interest rates by 50 basis points, the first cut since the central bank began hiking rates in 2022 to fight spiraling inflation.

"If [the Fed] is wrong .... and has to tighten again, it would be nightmare for markets and maybe for the independence of the Fed," Druckenmiller, who said the bitcoin price and crypto markets have gone "crazy" along with broader markets this year, told Bloomberg.

"When you're easing into a "melt up" in financial markets ... I don't really understand the rush of a 50 basis point interest rate cut," Druckenmiller added, warning the Fed has become "trapped" by its forward guidance as traders bet on another cut next month.

Gold has rocketed along with the bitcoin price this year, surging 30% as traders bet the Federal Reserve's war on inflation isn't yet won. Last month, the U.S. consumer price index (CPI) topped expectations with the core index that excludes food and energy rising 0.3%, ending a run of lower readings.

"There is a bubbling sense that the absolute conviction of inflation returning to 2% might be more faith than fact," TS Lombard economist Steven Blitz told Bloomberg.

Earlier this month, BlackRock's chief executive Larry Fink said he thinks the market needs to temper its expectations of Fed interest rate cuts.

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The bitcoin price has soared to almost its all-time high again this week following a surprising interest rate cut by the Federal Reserve.

"The amount of easing that’s in the forward curve is crazy," Fink, who's led BlackRock to become the world's largest asset manager looking after $10 trillion on behalf of clients, told Bloomberg on the sidelines of a Berlin conference. "I do believe there’s room for easing more, but not as much as the forward curve would indicate."

Traders are now watching to see whether the bitcoin price might crash back before continuing its surge higher.

"While bitcoin’s price is supported by key bullish factors, including well-defended dips and top traders taking long leverage, the broader market is rife with warning signals," Shubh Varma, the chief executive of Hyblock Capital, said in emailed comments.

"With retail longs approaching a tipping point ... the prudent move may be to expect a final dip before the market attempts another leg up."