Bitcoin Eyes $70,000: Will BTC Rise 4X Versus Gold?

Bitcoin is up when writing, steadying above $60,000 as buyers step up, reversing losses of the first half of the month. As it is, buyers have the upper hand from a top-down review. Although there were no major gains over the weekend, the uptrend will likely continue. What’s needed for this to print is a conclusive close above the $65,000 to $66,000 resistance zone. If this happens, the odds of BTC rising to as high as $70,000 will be high, possibly even igniting a new trajectory defining Q4 2024 price action.

At press time, Bitcoin is stable, trading above the $60,000 round number and up a decent 8% in the previous trading. If prices move higher, confirming the gains of last week, engagement will also rise in tandem—expanding above the $28 billion printed over the last trading day.

Bitcoin daily chart for September 23

Traders are closely monitoring the following Bitcoin trending news:

  • Bitcoin and gold are rising. However, one analyst, taking to X, thinks BTC will outperform the yellow metal by a whopping 4X in the coming months. If that’s the case, it means Bitcoin short to medium term volatility will be high, an opportunity for traders.
  • MicroStrategy, the business intelligence firm, is back to their BTC buying ways. In the second half of last week, they announced their completion of a private offering that saw them raise over $1 billion. All these proceeds will go toward buying more coins.

Bitcoin Price Analysis

BTC/USD is in green at spot rates.

Despite the drop in momentum, BTC is trading above $60,000

Every low above this support zone will provide entries for aggressive traders aiming for $66,000.

However, conservative, risk-off traders can wait for a clean close above $66,000 and August highs before committing.

If this close is with rising volume, the world’s most valuable coin may soar to as high as $70,000.

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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