Growing optimism as Bitcoin Keeps trading at Record Highs

Oct 16, 2024 thejournalbiz

Bitcoin bulls are setting their sights again on the record highs reached in March with optimism building around riskier assets and the looming US elections.

Tweet on BTC price fluctuation

Revived optimism for the crypto fanatics as Bitcoin keeps trading at record highs, via Bloomberg#BTCDOMINANCE #btc #crytocurrency pic.twitter.com/IOM1LMdU3F

— The_Journalbiz (@the_journalbiz) October 16, 2024

Bloomberg chart

The largest cryptocurrency is trading at its highest since July.

The original cryptocurrency gained as much as 2.9% to $68,376 on Wednesday before paring the increase. Bitcoin last traded at $70,000 in July, and reached an all-time high of almost $74,000 in March.

“After six months of price consolidation this year, the stage is set for a perfect storm in favor of Bitcoin and other crypto assets,” wrote Blockforce Capital’s Brett Munster. He cited a rise in global liquidity, including from China, which has been offering a raft of stimulus measures in recent days in an attempt to boost its economy.