Bitcoin (BTC) is back in the spotlight, soaring for three consecutive days and hitting its highest price since July 29. The leading cryptocurrency has surged by nearly 40% from its August low, reigniting bullish sentiment across the market. With technical indicators aligning and macroeconomic factors at play, Bitcoin appears poised for further gains.
Bitcoin Retests $68,000 – Greed Returns To The Market
Bitcoin has successfully reclaimed the psychological $68,000 level, fueled by growing optimism in the market. The Crypto Fear & Greed Index jumped from 37 (fear zone) last week to 58 (greed zone), indicating rising confidence among investors. Historically, BTC thrives in such periods of greed, with traders increasingly piling in for potential profits.
Golden Cross Signals Bullish Momentum
A critical technical development fueling Bitcoin’s rally is the golden cross pattern, formed by the 50-day and 200-day Weighted Moving Averages (WMA). The WMA gives more importance to recent price action, making it a stronger signal than traditional simple or exponential moving averages. The last time Bitcoin saw this crossover was on October 23, 2023—shortly before the coin rocketed by 120%, peaking at an all-time high of $73,800 in March.
Additionally, Bitcoin’s price has broken through a descending trendline that had capped gains since March, reinforcing the bullish narrative. It also flipped $66,561—a key resistance level—providing further confirmation of upward momentum.
Macroeconomic factors are also influencing Bitcoin’s rally. Former U.S. President Donald Trump is gaining momentum in the upcoming election, with Polymarket odds placing his victory at 60%. Trump has been vocal about his support for the cryptocurrency industry and reportedly holds over $6 million in crypto assets, according to Arkham. His latest venture, World Liberty Financial, further reflects his endorsement of the sector.
Many investors see Trump’s return as favorable for Bitcoin, given his policies that emphasize tax cuts, defense spending, and tariffs. However, these policies could also add $7.5 trillion to the U.S. deficit, driving concerns over the dollar’s value. With public debt surpassing $35.5 trillion, Bitcoin—capped at 21 million coins—continues to attract investors as a hedge against inflation and fiat currency devaluation.
Analysts See More Upside – Will Bitcoin Hit $73,800?
Prominent trader Peter Brandt, known for his accurate predictions, expects further upside for Bitcoin, setting an initial target at $73,800—the March 2023 all-time high. Market sentiment aligns with this bullish outlook, with Polymarket odds now giving a 70% chance of Bitcoin hitting a new record.
Bitcoin’s surge to $68,000 reflects a convergence of technical strength and favorable macroeconomic trends. With a golden cross, an inverse head and shoulders pattern, and Trump’s rising political prospects driving market optimism, Bitcoin appears well-positioned for further gains. As analysts eye $73,800, the question remains: Will BTC break through its all-time high and set new records in the weeks ahead?
