BTC Could Rise to $70k as US Elections Bring Optimism

IconCryptoNewsTerminal Staff17 Jul, 2024

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BTC Could Rise to $70k as US Elections Bring Optimism

This is the first time in history when a new virtual currency has attracted attention of economists, investors and the general public alike. The market capitalization of all cryptocurrencies has surpassed $1 trillion, with Bitcoin (BTC) accounting for more than half of that. The price of BTC has been on a roller coaster ride in recent months, but it has been trending upwards in recent weeks. Some experts believe that this trend could continue in the lead-up to the US elections in November. In an interview with Coindesk, Metalpha's chief analyst Lucy Hu said that she is optimistic about the short-term prospects for BTC. She said that the positive macroeconomic environment, such as the nomination of Donald Trump's vice presidential candidate, is likely to support the price of BTC. She also said that the market is expecting the US Federal Reserve to raise interest rates in the near future, which could also be positive for BTC. Hu said that she believes that BTC could rise to $68,000 or $70,000 in the short term. However, she also warned that investors should closely monitor the US Federal Reserve's monetary policy and the repayment of Mt. Gox, which could have a negative impact on the price of BTC.

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