Bitcoin price has crossed the brief $68,000 mark today for the first time since July 29, indicating a growing market confidence. In addition, it also comes amid reports of Japan’s possible announcement of its upcoming stimulus package, which will surpass last year’s level. Notably, amid this, popular crypto market expert Peter Brandt predicts BTC to hit a new ATH next.
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 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
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.
Meanwhile, the latest BTC price showed that the crypto has fallen below the $68,000 mark, and traded at $67,951.21. 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.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
