$70k Coming Soon For Bitcoin

Krutika Adani

Bitcoin Crosses $68k

Bitcoin has finally managed to cross $68k and at press time was at $68.1k. The move came after the crypto saw a strong demand emerging from institutional as well as retail markets.

Strong Demand in Market

The strong demand was expected after the halving event but then the markets lacked liquidity. Now with increased liquidity, Bitcoin’s rally has finally emerged.

Whales and Institutions in Buying Spree

ETFs saw $457 million in inflows on 16 October which was one of the highest since their launch.

On-Chain Analytics Confirm Bull Run

The MVRV ratio shows that the markets have increased their appetite for Bitcoins and this could help Bitcoin gain a new ATH soon.

Other Factors Supporting Bitcoin’s Rise

The possibility of a crypto-friendly government after the US elections is also one of the main reasons driving growth in Bitcoin.

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