Bitcoin (BTC) Price Prediction: BTC Eyes $70K as Market Sentiment Renews Bullish Optimism

Bitcoin [BTC] is off to a good start this week after a strong performance on the 29th of July, which pushed prices towards $70K.

Bitcoin (BTC) began the week on a positive note after a strong showing on July 29, which pushed prices toward the $70K mark.

The apex crypto rose sharply past $69,000, hitting a seven-week high of $69,851, according to CoinMarketCap data. At press time, Bitcoin was trading only -5.76% below its March all-time high of $73,750.

Meanwhile, the Crypto Fear & Greed Index continued to hover in the ‘Greed’ zone, reaching 74/100 at the time of writing — 22 points higher since July 15.

After the spirited fight, which gave bulls last-minute relief, Bitcoin managed positive, albeit meager, 0.22% returns in the concluded week.

So far this month, the leading crypto has tracked 9.2% in monthly gains, according to Coinglass data.

Market intelligence platform Santiment observed that Bitcoin’s price rebound in the last three weeks has made speculators even more optimistic than at the start of the month.

The latest upside momentum comes on the back of the Bitcoin 2024 Conference, which concluded in Nashville on July 27.

Presidential candidates Donald Trump and Robert F. Kennedy Jr. spoke highly of cryptocurrencies and both committed to setting up a strategic Bitcoin reserve for the U.S.

The larger macro picture favors risk assets, including cryptocurrencies, but traders need to keep an eye on macro events this week, which could spark flash volatility.

Federal policymakers are set to announce an interest-rate decision after the highly-anticipated Federal Open Market Committee (FOMC) meeting on July 31, with expectations suggesting the interest rates will remain unchanged.

The FOMC decision will be key in shaping the monthly close for Bitcoin, which has historically delivered positive returns in July.

“While we expect an eventual breakout, Bitcoin will likely need ‘macro’ help in the form of projected Fed rate cuts or another dose of lower inflation […] The FOMC meeting on July 31 and the US CPI report on August 14 will be critical,” wrote 10X Research in a research post dated July 28.

This week also marks the end of 100 days after the fourth Bitcoin halving event, which saw block mining rewards cut to 3.125 BTC from 6.25 BTC on April 20.

Halvings are considered bullish, and data from past cycles shows that prices begin accelerating after around 100 days.

BTC/USDT technical analysis

Bitcoin encountered selling pressure near its intraday high of $69,850 as the long candle wicks on the hourly chart showed.

Clearing the hurdle at $70,000 would bring the $72,000 level into sight, which pseudonymous futures trader Satoshi Flipper said is “programmed,” in an X (formerly Twitter) post on July 29.

The analyst was highlighting a bullish descending channel on the daily chart.

A rising wedge on the daily chart also signaled a potential rally toward $74,000, where the extrapolated pattern’s trend lines converged.

A breakdown below the wedge’s lower trendline, on the other hand, would trigger a correction toward the $66,000 range.

Read Bitcoin’s [BTC] Price Prediction 2024-25

In the larger timeframe, BTC/USDT appeared to be charting a new trend outside a cup and handle chart pattern.

A successful “breaking out from the handle” would set up Bitcoin on the path to $100,000.

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