TechFlow news: Bitcoin traders expect the price to reach $70,000 in the short term, as sentiment in the crypto market surges ahead of the U.S. election and selling pressure from key wallets eases.
Lucy Hu, Senior Analyst at Metalpha, said the Bitcoin price rebound reflects increased market optimism about the near-term macro environment. Trump's selection of pro-crypto Ohio Senator JD Vance as his 2024 running mate has boosted market confidence.
Bitcoin price may hover around the 120-day moving average, with potential to rise toward $68k or $70k, but investors should closely monitor Federal Reserve policy and the impact of Mt. Gox.
According to Polymarket data, the odds of Trump winning the 2024 election have risen from 60% last week to 69%.
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