Bitcoin Eyes $70,000: Will BTC Rise 4X Versus Gold?
Bitcoin is rising, offering trader opportunities to explore. Analysts think BTC will outperform gold in the coming days
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.
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.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals