This week, the trading atmosphere in the U.S. stock market and crypto market is high. According to the latest data, Bitcoin's price rebounded from the support level of $67,600 and broke through $70,000 around 6 AM this morning.
At the same time, this week's economic calendar is exceptionally dense: Tuesday's JOLTS Job Openings report, Wednesday's Bank of Japan interest rate decision, Thursday's Core PCE Price Index, and Friday's Non-Farm Payroll data are all highly anticipated by the market. Additionally, the earnings season for tech giants is in full swing, with reports from Alphabet, Microsoft, Meta, Amazon, and Apple directly affecting market sentiment. At this critical moment, can BTC challenge $100,000 in this bull market? The following core factors may provide us with some insights.
Market push from global accommodative policies
With the Federal Reserve, European Central Bank, and the People's Bank of China successively adopting accommodative monetary policies, the liquidity in the crypto market has greatly increased. Accommodative monetary policies reflect the global economic slowdown and have made risk assets like BTC a popular choice for capital flow, further boosting market confidence in crypto assets.
Three main driving factors for BTC's rise
1. Market sentiment and institutional investment: Current market sentiment is optimistic, especially as more and more institutional investors enter the market, enhancing liquidity and providing solid support for BTC's rise. The entry of institutions has also brought stability to the market, further attracting retail investors.
2. Technological development: The continuous application and improvement of blockchain technology have made crypto assets like BTC more attractive, gradually becoming part of mainstream investment portfolios.
3. Global economic uncertainty: The uncertainty in the global economy has actually stimulated the crypto market, as investors hope to hedge against inflation and market volatility through assets like Bitcoin.
Possibility of breaking $100,000
Ed Hindi, Chief Investment Officer of Tyr Capital, believes that BTC has the potential to become a 'supernova,' and the price is expected to approach $100,000 in the coming months. TradingView analysts also point out that Bitcoin has broken free from a 7-month downtrend and may be about to enter a new rising cycle.
In summary, driven by global accommodative policies, optimistic market sentiment, and institutional investment, BTC is expected to continue rising in this bull market, making the breakthrough of $100,000 no longer out of reach. Although the market remains volatile, strong support and ongoing capital inflows give investors confidence in Bitcoin's future.#BinanceBlockchainWeek #BTC突破7W1
