Bitcoin Defies Election Jitters, Analyst Sees King Crypto Scaling $70K Milestone Again ‘In The Coming Weeks’
Posted On October 17, 2024
Bitcoin (CRYPTO: BTC) has once again captured the spotlight after a notable rally this week so far, defying election jitters, with analysts forecasting a potential rise to $70,000 in the near future.
What Happened: The cryptocurrency market experienced a significant rally this week, with Bitcoin gaining nearly 6.5% this week so far, crypto trading firm Zerocap noted on Wednesday. This price increase led to the liquidation of over $57 million in Bitcoin shorts within 24 hours, impacting more than 56,000 traders.
The unexpected rise in Bitcoin’s value caught short traders off guard, resulting in widespread liquidations. The rally is attributed to a combination of technical, political, and market factors. Jonathan …
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