Bitcoin may be trading near the 120-day moving average, with momentum to reach $68k or perhaps $70k, but we still need to keep a close eye on the Fed’s policies and the effects of Mt. Gox.

. Backed by a more upbeat macro climate and the possibility of a crypto-friendly U.S. presidency under Donald Trump, traders expect bitcoin will surge above $70,000.

. Though there has been volatility recently and worries about Mt. Gox repayments, the bullish feeling has been bolstered by less selling pressure from major wallets and a more optimistic political picture for the cryptocurrency industry.

Trader expectations for Bitcoin (BTC) indicate that prices may rise as high as $70,000 in the near future as optimism about the industry as a whole grows ahead of the US elections and selling pressure from major wallets lessens.
“The increase in the price of Bitcoin indicates that the market has a more positive outlook in the near-term macro environment,” senior Metalpha analyst Lucy Hu wrote to CoinDesk on Wednesday. “Trump’s choice for vice president gave the market hope as it suggests a more crypto-friendly administration and policies.”
“The price of Bitcoin may have the momentum to rise to $68k or even $70k, but we need to closely monitor the Fed policies and the implications of Mt Gox,” Hu continued. “BTC could hover around the 120-day moving average.”

A technical indicator called a moving average adds together price data over time to indicate the direction of a trend. As a long-term indicator, a 120-day moving average is frequently employed.
The price of Bitcoin has been volatile over the last few weeks. In early July, it fell as low as $53,500 when wallets from the now-defunct exchange Mt. Gox began to refund their bitcoin, which sparked gloomy forecasts.
However, positive developments have now corrected the course of the bulls. Bitcoin holdings associated with the German state of Saxony have been completely depleted. Meanwhile, there is new optimism thanks to Republican contender Donald Trump’s pro-crypto position.

Trump has selected JD Vance, a pro-cryptocurrency senator from Ohio, to be his running partner in 2024. Vance owned up to $250,000 worth of Bitcoin in 2022.
In a Telegram message, BitU Protocol’s head of growth, Nick Ruck, stated that “a change in perspective on the digital assets industry in the US is creating expectations of more favourable policy towards Bitcoin and crypto as the elections look to capture single issue voters and special interest groups.”
Long-term sale pressure is also anticipated to be lower as Mt. Gox pays out money to creditors, Ruck continued.
According to data from betting app Polymarket, the odds of Trump winning the 2024 elections have increased dramatically from 60% to 69% in the last week.