Bitcoin Price Hits $68K As Japan Weighs On Big Stimulus

Bitcoin price has soared past the $68K mark today, sparking market optimism. The surge in the crypto is driven by a recent Reuters report that Japan plans to unveil

Bitcoin price surged past the crucial $68K mark today for the first time since July 29. The crypto’s rally comes amid reports that Japan is set to announce a massive stimulus package, which will exceed last year’s level.

Bitcoin price soared past the $68K mark today, sparking market optimism. The surge in the crypto is driven by a recent Reuters report that Japan plans to unveil a massive stimulus package, exceeding last year’s $87 billion injection.

Notably, this move, aims to bolster the country’s economy, with Deputy Chief Cabinet Secretary Kazuhiko Aoki confirming the package will surpass previous measures. The stimulus is expected to boost consumption, investment, and wage growth, addressing Japan’s economic challenges.

Meanwhile, this development has bolstered market confidence, with many other positive trends appearing to be supporting the BTC rally. For instance, the rising institutional interest, as evidenced by the soaring BTC adoption of Metaplanet, MicroStrategy, and others, recently, also fueled market confidence.

On the other hand, the robust US Spot Bitcoin ETF inflow also fueled market spirit. According to Farside Investors data, the US Spot BTC ETF has recorded an influx of over $926 million just the starting two days of this week.

Peter Brandt Predicts BTC To Hit A New ATH Next

Renowned crypto market analyst Peter Brandt has boosted market confidence with a bullish BTC price analysis. In a recent X post, Brandt shared a chart indicating BTC could reach $73,734. He noted an “inverted expanding triangle” pattern has a 50% chance of achieving its measured target.

However, Brandt emphasized understanding timing and asymmetry between reward and risk, cautioning critics that a 50% probability is significant in trading. This prediction follows BTC recent surge to $68K, fueling hopes of further growth. Besides, Brandt’s forecast aligns with rising investor confidence, potentially driving BTC’s value higher.

The latest BTC price showed that the crypto has fallen below the $68,000 mark and traded at $67,951.21 at the last check. Notably, the crypto has touched a high of $68,375.29 recently, indicating a growing confidence of the investors. Furthermore, according to CoinGlass data, BTC Futures Open Interest showed an increase of 5%, indicating strong market confidence.

Apart from these bullish trends, a recent Bitcoin price prediction also hints that the crypto could cross the $87,000 mark in an “Uptober” rally. Simultaneously, the prediction also showed that the crypto could cross the $95,600 mark by November 2024.

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