The price of Bitcoin (Bitcoin-BTC) bounced back to reach the level of $ 58,000 early on Friday, recovering from its recent decline below $ 56,000, bringing with it the market value of digital currencies globally by 1.01%, recording $ 2.05 trillion in the last 24 hours. The rise followed the release of moderately positive CPI data, which improved market sentiment.
Everything in line except that Headline CPI Y/Y came in lower than expected at 2.5% vs consensus of 2.6%.
Core CPI M/M came in hotter than expected at 0.3% vs consensus of 0.2%. pic.twitter.com/gO2JCwaRkx— PAPI CHULO CAPITAL (@_Bedstuycapital) September 11, 2024
On the other hand, institutional interest in Bitcoin remained strong, as evidenced by the positive net investments of Bitcoin ETFs for 3 consecutive days. Despite the uncertainty related to the US presidential election, many investors are optimistic about the price target of the $100,000 mark in Bitcoin.
Bitcoin’s path to $100,000 remains strong despite US election uncertainty
According to analyst Steven Lubka of Swan Bitcoin, Bitcoin’s price is targeting the $100,000 mark in 2025, regardless of who wins the US presidential election. Fiscal and monetary policies — which Donald Trump and Kamala Harris cannot change much — are one of the main reasons for this prediction.While Trump has expressed support for the cryptocurrency sector, Harris’ silence has alarmed many, especially given the Biden administration’s tougher stance on the sector.
#Bitcoin: Experts predict a surge to $100,000, regardless of the outcome of the 2024 US election This forecast is based on global fiscal and monetary conditions rather than US policy. https://t.co/bLa5faTRVV— Cointribune EN (@CointribuneEN) September 12, 2024
However, many experts, such as James Davis of the Crypto Valley trading platform, believe that the value of Bitcoin will continue to grow regardless of the outcome of the election.Throughout the history of Bitcoin, we have seen its value rise after the announcement of the US election result, as happened in 2017 and 2021, so many analysts expect similar patterns to be repeated in 2025. Although the uncertainty surrounding the election may lead to some temporary volatility, its long-term performance is expected to remain positive overall.
The price of Bitcoin could reach $100,000 by 2025.
Interest in Bitcoin exchange-traded funds (BTC ETFs) and the potential for interest rate cuts are key factors.
The outcome of the US presidential election is unlikely to affect the long-term growth in the value of Bitcoin.
Bitcoin miners show confidence in the future appreciation of the currency and take strategic steps
Bitcoin mining pools, such as Marathon Digital, continue to hold the coin they receive as mining rewards, showing how confident major institutions are in the currency’s long-term value prospects. By September 2024, Marathon held 26,200 BTCs worth $1.5 billion, adding 4,100 BTCs to its balances in August alone, underscoring its positive outlook for the future value of the coin.Despite the increasing difficulty of mining and the decline in transaction fees, Marathon is betting on the future growth of the value of BTC, unlike other miners who had to sell their holdings to cover their operating costs. Energy receives remarkable investments.
JUST IN: Mining company Marathon Digital keeps adding #Bitcoin to its holdings and now holds 26,200 $BTC, worth $1.5 billion. pic.twitter.com/EcHvWLPxsD— Al Crypto (@RealAlCrypto) September 12, 2024
According to September 2024 data, Bitcoin’s hash rate remained below its all-time high of only 1%, highlighting the continued strength of the network amid the initiative of many miners to upgrade their equipment and replace it with a more high-quality one, making the network currently twice as efficient in terms of energy consumption compared to 2018, which can help these miners manage their increasing operational burdens.
Marathon Digital holds 26,200 BTC coins worth $1.5 billion.
Metallurgists continue to invest in energy-efficient equipment despite declining revenues.
Bitcoin’s hash rate is currently below its all-time highs, indicating how trusting the transaction network is.
Bitcoin Technical Forecast on September 13, 2024
Bitcoin (Bitcoin-BTC) is currently trading at $57,888, reflecting a slight rise of 0.06% on a 4-hour time frame, and the price continues to move within an ascending trading channel with the nearest resistance levels at $58,494, and a breakout could push the price of BTC towards testing its next counterpart at $59,815, while failure to break through it could cause the price to fall to test the nearest resistance level of $57,227, followed by the $55,728 level. As for technical indicators, the RSI reading of 56.77 currently indicates weak momentum, meaning that the currency has not reached a oversold or bought zone, leaving room for a strong wave in either direction.The 50-day Exponential Moving Average (EMA-50) line currently at $56,979 continues to move higher, providing support for continuing the bullish momentum. Overall, Bitcoin’s outlook is currently positive, but traders should watch for any critical breakout of support or resistance levels in order to explore its next destination.Why is investing in Pepe Unchained (PEPU) a powerful addition to your digital wallets?It is clear that meme currencies continue to be making great successes, and the promising new coin Pepe Unchained (PEPU) has the potential to provide exceptional gains.Advantages of IPO: Investing in PEPU during its IPO can provide huge gains according to the opinions of many crypto experts such as the presenter of the channel Jacob Crypto Bury on YouTube.Effortless income earning opportunity: PEPU is a strong competitor in the market, where you can mortgage your holdings and enjoy earning a great annual return of 499%, providing an exceptional opportunity to earn income effortlessly.Investor confidence: 321 million PEPU coins have already been mortgaged, reflecting investors’ strong confidence in the project’s prospects and sustainability.
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