Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Many signs are pointing to BTC hitting $70K in the near future, from technical market data to prediction market betting.demand is returning after being mostly muted since May, with apparent demand spiking to a monthly growth of 177,000 BTC last week in a move that preceded a 5% rally.That’s the largest reading since late April and has helped push BTC to a ten-week high price level of over $67,800, analysts at CryptoQuant led by Julio Moreno said in a weekly report.
“An expansion of apparent demand is necessary for bitcoin prices to rally sustainably to a new all-time high. In these cases, apparent demand peaked at 490,000-550,000 BTC,” Moreno said, indicating more room for prices to grow. The chart below shows how positive and growing apparent demand preceded the BTC price rallies to new record highs in 2020-2021 and 2024.Spot exchange-traded funds in the USA have been net buyers, with positive inflows of an average of almost 9,000 BTC daily in Q1 2024, helping to drive the price of bitcoin to fresh highs.Other large investors also continue to accumulate bitcoin.
The BTC open interest weighted perpetual futures funding rate spiked to a multi-month high of over 0.0136% earlier this week - signaling increased volatility ahead as new money entered the market.are giving a 64% that BTC will hit $70,000 in October, odds that are up 45 percentage points in the last week. They are alsoto a Trump-aligned Political Action Committee and continues to promote the Department of Government Efficiency on X. DOGE, the crypto, is up 5.
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