Bitcoin (BTC) bounced back to $58,000 on Friday, recovering from a brief drop below $56,000. The global crypto market cap increased to $2.05 trillion, up 1.01% over the last 24 hours.
This surge followed the release of neutral-to-positive Consumer Price Index (CPI) data, which boosted overall market sentiment.
Institutional interest in Bitcoin also remains strong, as evidenced by three consecutive days of positive net inflows into cryptocurrency ETFs.
Despite uncertainty around the U.S. presidential election, many investors remain optimistic about Bitcoin’s path to $100,000.
Bitcoin’s Path to $100,000 Stays Strong Amid U.S. Election Uncertainty
Bitcoin is projected to reach $100,000 by 2025, regardless of who wins the U.S. presidential election, according to Steven Lubka from Swan Bitcoin. Fiscal and monetary policies, which neither Donald Trump nor Kamala Harris can significantly alter, are key drivers behind this bullish forecast.
While Trump has shown support for crypto, Harris’s silence on the matter has raised concerns, particularly given the Biden administration’s tougher stance on the industry.
However, many experts, like James Davies from Crypto Valley Exchange, believe that Bitcoin’s growth will continue, no matter the political outcome.
Historically, Bitcoin has surged after U.S. elections, as seen in 2017 and 2021, and many analysts expect similar patterns in 2025. Short-term volatility may arise from election uncertainty, but long-term performance is expected to remain positive.
Key Points:
Bitcoin’s price could hit $100,000 by 2025. Interest in Bitcoin ETFs and possible Fed rate cuts are major factors. U.S. election outcome is unlikely to affect Bitcoin’s long-term growth.Bitcoin Miners Show Confidence in Long-Term Value with Strategic Moves
Bitcoin miners like Marathon Digital are holding onto all the Bitcoin they mine, showing confidence in its long-term value. By September 2024, Marathon’s Bitcoin holdings reached 26,200 BTC, worth $1.5 billion. In August alone, they added 4,100 BTC to their reserves, underscoring their bullish outlook.
Despite rising mining difficulty and lower transaction fees, Marathon is betting on Bitcoin’s future price growth, unlike other miners selling reserves to cover costs. This confidence is reflected in continued investments in energy-efficient mining hardware.
As of September 2024, Bitcoin’s hashrate is just 1% below its all-time high, highlighting ongoing network strength. Many miners are upgrading to more efficient equipment, which is now twice as energy-efficient compared to 2018, helping them manage rising operational costs.
Key Takeaways:
Marathon Digital holds 26,200 BTC, worth $1.5 billion. Miners invest in energy-efficient hardware despite revenue drops. Bitcoin’s hashrate remains near all-time highs, signaling network confidence.Bitcoin Technical Analysis – September 13, 2024
Bitcoin (BTC) is trading at $57,888, showing modest gains of 0.06% in the 4-hour timeframe. Price action is moving within a bullish channel, with immediate resistance at $58,494.
A break above this level could push BTC toward the next resistance at $59,815. However, failure to break $58,494 may trigger a pullback, with immediate support at $57,227, followed by $55,728.
Bitcoin Price Chart – Source: TradingviewThe Relative Strength Index (RSI) is currently at 56.77, indicating neutral conditions. This suggests that the market is neither overbought nor oversold, leaving room for further price movement in either direction.
The 50-day Exponential Moving Average (EMA) is trending upward at $56,979, providing support for the ongoing bullish momentum.
Overall, BTC maintains a cautiously bullish outlook, but traders should watch for key price breaks or rejections near resistance and support levels for clearer direction.
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