Bitcoin expected to surpass $70,000 in the coming weeks

Bitcoin’s (CRYPTO:BTC) recent upward trend has fueled predictions that the cryptocurrency could soon surpass $70,000. 

Analysts point to several factors that may continue driving this rally. 

Jonathan de Wet, chief investment officer at Zerocap, highlighted Bitcoin's robust momentum, stating, "We see [Bitcoin] at $70,000 in the coming weeks," based on recent technical indicators. 

This optimism is partly due to favorable political developments in the United States. 

Former President Donald Trump, a Republican nominee, has vowed to make the U.S. a leader in the crypto sector and ensure users' rights to secure their digital assets. 

His plans for a Bitcoin reserve could shape the future of crypto regulation, according to Andy Lian, an intergovernmental blockchain expert. 

Lian stated, "This political backing could lead to a more favorable regulatory environment, boosting investor confidence and demand." 

Meanwhile, Democratic nominee and current Vice President Kamala Harris has promised to establish clear guidelines for the industry, aiming to support innovation while regulating the market. 

Global monetary policies are also seen as favorable for Bitcoin. 

Lian suggested that major central banks' rate cuts could encourage investment in risk assets like cryptocurrencies, potentially pushing Bitcoin to its all-time high as early as next week. 

However, concerns persist regarding economic conditions in China, which is grappling with high local government debt, slow growth, and weak consumer demand. 

Despite these challenges, China plans to inject substantial stimulus funding to boost its economy. 

Additionally, geopolitical tensions in the Middle East add uncertainty, though Arthur Hayes, BitMEX co-founder, believes these developments could eventually spur Bitcoin's rise as governments increase spending to address regional conflicts. 

Hayes noted, "We know that war is inflationary," suggesting such scenarios could drive up Bitcoin's value.

At the time of writing, the Bitcoin (BTC) price was $67,329.37.