Bitcoin enthusiasts are setting their sights on the record highs achieved in March as optimism surrounds high-risk assets and the upcoming U.S. election. According to Brett Munster of Blockforce Capital, Bitcoin and other cryptocurrencies are approaching a "perfect storm" following a six-month period of price consolidation.
Bitcoin recently experienced a 2.9% surge, reaching $68,376 before slightly retreating. The digital currency last touched $70,000 in July, with its all-time high close to $74,000 occurring in March.
Munster noted that global liquidity is on the rise, with central banks worldwide injecting cheap capital into their economies. Historically, when global liquidity surpasses its moving average, it often leads to significant increases in Bitcoin prices.
Adding to the optimism, U.S. Vice President Kamala Harris recently expressed support for a regulatory framework for cryptocurrencies. This comes after years of complaints from the crypto industry about U.S. officials focusing on enforcement rather than providing regulatory clarity.
Former President Donald Trump, who is running against Harris in the upcoming presidential race, is also courting cryptocurrency supporters and has several crypto-related agendas.
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