Cryptocurrency sentiment is high! Bulls Predict Bitcoin Will Hit Another All-Time High

On Wednesday, Bitcoin once rose nearly 3% to above $68,000. Some bulls are once again targeting the all-time high that Bitcoin set in March.

Brett Munster of Blockforce Capital wrote, “Bitcoin prices have been consolidating for 6 months, and I'm ready for the perfect storm of Bitcoin and other crypto assets.”

Bitcoin last reached $70,000 in July. It hit a record high of nearly $74,000 in March of this year.

Munster wrote, “Global liquidity is rising again, and central banks around the world are injecting cheap capital into their economies. In the past, when global liquidity exceeded its moving average, it was often accompanied by a significant rise in the price of Bitcoin.”

This week, US Vice President Harris promised to support the cryptocurrency regulatory framework, further strengthening optimism in the cryptocurrency community. The admission comes after years of complaints from the crypto industry that US officials chose to pass enforcement rather than clearly regulate.

Former President Don Trump is also actively seeking cryptocurrency voters in the current presidential campaign. He competes with Harris and has several ongoing crypto-related projects.

It's worth noting, though, that Tesla CEO Musk will probably sell his Bitcoin holdings.

Tesla, one of Bitcoin's largest corporate holders, has transferred almost all of its $760 million in bitcoin to an unknown wallet, raising the possibility that the automaker may be selling it.

On Tuesday, wallets linked to the electric car maker transferred more than 115,000 bitcoins to wallets of unknown ownership, according to cryptographic data company Arkham Intelligence. Tesla's wallet only keeps around $6.65 in bitcoin, which is essentially zero.

According to BitcoinTreasury, Tesla is the fourth largest Bitcoin holder among US listed companies. The top three Bitcoin holders are software company MicroStrategy and Bitcoin mining companies Mara Holdings and Riot Platforms.

According to Arkham's data, Tesla bought $1.5 billion worth of Bitcoin in February 2021 and held up to $2.5 billion in Bitcoin at some point. However, the company sold 75% of its holdings at a loss in early 2022. In March of this year, Tesla held approximately 11,509 bitcoins worth about $770 million.

Musk also previously announced that when Tesla first acquired its Bitcoin reserves, the company would soon accept Bitcoin payments, but the plan was soon abandoned due to environmental issues.

Although some of Musk's companies, including Tesla and SpaceX, hold Bitcoin on their balance sheets, in an interview in July, Musk said he believes “Bitcoin and some other cryptocurrencies have some value,” but he has a soft spot for Dogecoin.