Bitcoin: $67,005.00(-2.16%) 
Ethereum: $2,636.77(-3.1%) 
Tether: $0.9978(-0.15%) 
BNB: $591.03(-3.04%) 
Solana: $166.00(-1.22%) 
USDC: $0.9986(-0.12%) 
XRP: $0.5426(-1.62%) 
Lido Staked Ether: $2,635.78(-3.1%) 
Dogecoin: $0.1435(-1.82%) 
TRON: $0.1593(1.56%) Bitcoin: $67,005.00(-2.16%) Ethereum: $2,636.77(-3.1%) Tether: $0.9978(-0.15%) BNB: $591.03(-3.04%) Solana: $166.00(-1.22%) USDC: $0.9986(-0.12%) XRP: $0.5426(-1.62%) Lido Staked Ether: $2,635.78(-3.1%) Dogecoin: $0.1435(-1.82%) TRON: $0.1593(1.56%) China’s Stimulus and Bitcoin’s Bullish Momentum: Could BTC Hit $70,000?
September 25, 2024
With the cryptocurrency market showing signs of renewed optimism, Bitcoin (BTC) is poised for a significant price surge. Alongside other major digital assets such as Ethereum (ETH) and Ripple (XRP), Bitcoin is ready to move past recent bearish sentiment and build on its upward momentum. Crypto analysts are increasingly optimistic about the market’s direction, with many predicting that Bitcoin could experience a substantial breakout in the near future, particularly as Q4 2024 progresses.
Popular crypto analyst Kaleo emphasized that as long as Bitcoin remains under $70,000, the real bull run has not yet begun. Historical patterns in Bitcoin’s price action support this view, with clear signs of upcoming momentum visible in the Relative Strength Index (RSI). Past instances of RSI breakouts have led to significant price rallies for BTC, such as the 331% rally in January 2023 and the 178% surge in October 2023. If history repeats, Bitcoin could experience a dramatic uptrend by the end of 2024.
Adding to the bullish sentiment is the influence of global economic factors, particularly China’s recent economic stimulus package. The People’s Bank of China (PBoC) announced its largest liquidity injection since the pandemic, committing $140 billion and reducing the reserve requirement ratio (RRR) by 50 basis points. This move, aimed at bolstering China’s economy, is seen by analysts as potentially driving up global liquidity levels, which could positively affect Bitcoin’s price. Jamie Coutts, chief crypto analyst at Real Vision, notes that China’s stimulus might encourage other central banks to follow suit, ultimately benefiting Bitcoin and the broader cryptocurrency market.
Overall, market sentiment has shifted decisively toward the bullish side. Bitcoin’s potential to reclaim the $70,000 level could ignite a fresh rally, leading investors to anticipate significant gains in the weeks to come. While some caution remains around possible short-term corrections, the consensus among traders and analysts points toward a strong finish to 2024 for Bitcoin and the broader crypto market.
Popular crypto analyst Kaleo emphasized that as long as Bitcoin remains under $70,000, the real bull run has not yet begun. Historical patterns in Bitcoin’s price action support this view, with clear signs of upcoming momentum visible in the Relative Strength Index (RSI). Past instances of RSI breakouts have led to significant price rallies for BTC, such as the 331% rally in January 2023 and the 178% surge in October 2023. If history repeats, Bitcoin could experience a dramatic uptrend by the end of 2024.
Adding to the bullish sentiment is the influence of global economic factors, particularly China’s recent economic stimulus package. The People’s Bank of China (PBoC) announced its largest liquidity injection since the pandemic, committing $140 billion and reducing the reserve requirement ratio (RRR) by 50 basis points. This move, aimed at bolstering China’s economy, is seen by analysts as potentially driving up global liquidity levels, which could positively affect Bitcoin’s price. Jamie Coutts, chief crypto analyst at Real Vision, notes that China’s stimulus might encourage other central banks to follow suit, ultimately benefiting Bitcoin and the broader cryptocurrency market.
Bitcoin’s technical chart supports the potential for further upside. The digital asset is consolidating around the $63,641 mark, just below its 200-day moving average of $63,898. Despite not breaking this key resistance level, Bitcoin’s resilience suggests a breakout may be imminent. Liquidity is concentrated above $65,000, with $70,000 emerging as a critical target for traders. The Coinglass liquidation heatmap, which identifies high-risk liquidation levels, indicates that breaking above $65,000 could trigger a cascade of price movements, pushing Bitcoin to new all-time highs.
Overall, market sentiment has shifted decisively toward the bullish side. Bitcoin’s potential to reclaim the $70,000 level could ignite a fresh rally, leading investors to anticipate significant gains in the weeks to come. While some caution remains around possible short-term corrections, the consensus among traders and analysts points toward a strong finish to 2024 for Bitcoin and the broader crypto market.