Will Bitcoin Surge Past $70,000? 10x Research Highlights Key Factors To Watch
Portfolio Pulse from Khyathi Dalal
Bitcoin's potential to break past $70,000 is influenced by macroeconomic factors such as U.S. interest rate policies, inflation, and political support. Key events like the FOMC meeting on July 31 and the CPI report on August 14 will be critical. Bitcoin's market dominance has increased, partly due to a shift from Ethereum, and political support could further boost its price.
July 29, 2024 | 4:39 pm
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POSITIVE IMPACT
Bitcoin's price could surge past $70,000 if the Federal Reserve signals a rate cut on July 31, amid lower inflation and political support. Key events like the FOMC meeting and CPI report will be critical.
The potential for a rate cut by the Federal Reserve, combined with lower inflation and political support, could act as catalysts for Bitcoin to break past $70,000. The FOMC meeting on July 31 and the CPI report on August 14 are key events to watch.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Ethereum has seen a shift in investment towards Bitcoin, with significant outflows from Ethereum ETFs. This trend could continue if Bitcoin's price surges past $70,000.
The launch of the Ethereum ETF has led to a notable shift in investment towards Bitcoin, resulting in significant outflows from Ethereum ETFs. If Bitcoin's price surges past $70,000, this trend could continue, negatively impacting Ethereum's price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80