The last time Bitcoin price crossed the $70,000 mark was on June 4, 2024. Since then, its price has plunged -28.97%, reaching a low of $49,720. Today, many investors are wondering when BTC will return to this symbolic threshold.
Can we return to $70,000 in 2024?
We took part in the prediction exercise to try to define when Bitcoin could cross this milestone again. Currently valued at $64,677 (as of September 30, 2024), an increase of 8.23% would be necessary to reach $70,000.
Since April 2024, Bitcoin has entered a bullish phase marked by halving. Over the past few months, its price has fluctuated between 71 809 $ et 53 736 $.
These fluctuations indicate that we are still in an accumulation phase, a cycle where the price tends to stabilize before a further potential rise.
The current trend shows that Bitcoin could soon return to the symbolic bar of 70 000 $. However, this remains dependent on various economic and political factors.
By analyzing previous market cycles and past events such as halvingsome experts predict that the next significant peak will not be reached until the end of 2025.
Bitcoin price dependent on US election?
The Bitcoin price outlook is often influenced by major events on the international political scene.
One notable element is the US presidential election scheduled for November 2024. The outcome of this election could have a significant impact on the cryptocurrency market.
If Donald Trump is elected, it is likely that Bitcoin will see a considerable rise. His pro-Bitcoin positions and his proposal to create a strategic BTC reserve have already sparked optimism among investors.
Conversely, a victory for Kamala Harris could lead to a market correction due to her less favorable approach to the cryptocurrency sector.
Short and medium term forecasts for Bitcoin
Based on current data, several scenarios are possible for the evolution of Bitcoin in the short and medium term. Depending on socio-economic dynamics and investor sentiments, here are some of the potential trajectories:
- Quick return to $70,000: In the event of favorable economic conditions and a possible Trump presidency, Bitcoin could quickly cross the $70,000 mark again, or even reach new all-time highs.
- Stagnation around $60,000: If uncertainties persist, particularly regarding monetary and fiscal policies, Bitcoin could continue to hover around $60,000 for several more months.
- Temporary decline followed by an ascent: A scenario where Bitcoin could fall below $60,000, particularly if Kamala Harris is elected, could be followed by a gradual recovery, especially if stimulating economic measures are introduced in late 2024 or early 2025.
Technical analysis and cycle phases
A thorough analysis of past market cycles shows that each halving (halving of miners’ reward) was followed by a significant increase in price.
With the last halving taking place in April 2024, we can reasonably expect a gradual rise potentially peaking at the end of 2025.
During this period, tracking support and resistance levels, as well as technical indicators such as moving averages, can offer valuable clues about the future direction of the market. Carefully monitoring these signals will allow investors to better anticipate price movements and plan their investment strategies accordingly.
