The price of Bitcoin could soon reach $70,000 to break out of a downward trend that has lasted for almost two months, according to market analysts.

The top cryptocurrency in the area is currently trading at $69,600. Bitcoin investors and holders are awaiting an increase in its value in the coming hours.

Markus Thielen of 10X Research has highlighted “a potential slow period for Bitcoin, pointing to historical trends that show a stabilization in August and a decline in September.”

Thielen has particularly mentioned the Federal Open Market Committee (FOMC) meeting on July 31, which could be a decisive factor. On the other hand, he made reference to Donald Trump’s statements this weekend during the Bitcoin 2024 Conference in Nashville, where he spoke of his desire to create a “strategic reserve of BTC” if he wins the next election.

M.Pino

Source: beincrypto

(Reference image source: Erling Løken Andersen en Unsplash)

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La entrada Bitcoin is approaching $70,000 apareció primero en Bitfinance.