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UPTOBER: Bitcoin Approaches $70,000 With Speculators Eyeing Record Highs (A thread 🧵)
Bitcoin is on the verge of a major breakout as it approaches the $70,000 mark, with speculators eyeing new all-time highs. This surge comes after a six-month period of price consolidation, suggesting a potential "perfect storm" is brewing in favor of Bitcoin and the broader crypto market.
On Wednesday, Bitcoin gained as much as 2.9%, reaching $68,376 before settling around $67,800. This impressive climb rekindles memories of July when it last traded at $70,000, and March when it reached its current all-time high of nearly $74,000.
Several factors are contributing to this bullish momentum.
According to Brett Munster of Blockforce Capital, a key driver is the resurgence of global liquidity. Central banks worldwide are injecting capital into their economies, creating an environment conducive to risk-on assets like Bitcoin. Historically, periods of increased global liquidity have often … 2 replies
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