Bitcoin expected to exceed $70,000 in “coming weeks'', experts say

Bitcoin's price surge shows no signs of slowing down, with some predicting the price topping $70,000 within the next few weeks.

The world's largest cryptocurrency is currently trading above $67,600 after ballooning to its highest price since early August, according to data from CoinGecko.

But where do the assets go from here?

ZeroCap Chief Investment Officer Jonathan de Wet advised investors that Bitcoin's upward momentum remains strong. Note on wednesday.

“got it [Bitcoin] 70,000 in the coming weeks,” de Wet said, pointing to the technical breakout as a solid foundation for further gains.

Several tailwinds are starting to come together, including the political situation in the United States, increasing optimism about favorable policies for the crypto industry.

Republican candidate and former president Donald Trump has vowed to make the United States a world nation. crypto assetsas well as protecting the user's right to store their assets.

Meanwhile, Democratic candidate and current Vice President Kamala Harris has promised to create rules for cryptocurrencies while encouraging innovation.

President Trump's plan is bitcoin reserves Andy Liang, an intergovernmental blockchain expert, told Decrypt that this could be a turning point in cryptocurrency regulation.

“This political support could lead to a more favorable regulatory environment and boost investor confidence and demand,” Liang said.

Lian believes Bitcoin will reach an all-time high next week due to global monetary policy, including major interest rate cuts by major central banks, which could boost risk assets including cryptocurrencies.

Still, questions remain about China's economic situation, including soaring local government debt, slowing growth and weak demand for goods and services, DeWet said.

The world's second-largest economy has promised an economic injection. hundreds of billions of dollars Revitalize the stock market and stimulate demand through stimulus packages.

There are also concerns around geopolitical tensions The Middle East region continues to play a dominant role in energy production and trade supply chains.

But if BitMEX co-founder Arthur Hayes' speculations turn out to be correct, traders have nothing to fear in that regard.

Edited by Sebastian Sinclair