Bitcoin (BTC) continues its upward trajectory, nearing the $70,000 mark, which marks the upper boundary of its bearish channel since March. Analysts attribute this rise to the success of Bitcoin ETFs that bolster interest in the cryptocurrency.

Bitcoin Price Rally

Bitcoin (BTC) has demonstrated impressive growth, closing in on the $70,000 mark—levels unseen since July of this year. This price movement towards the upper boundary of the bearish channel formed since March is linked to a previous high of nearly $74,000. Analysts argue that this rise is a result of a surge in interest following the strong performance of Bitcoin ETFs last week, which attracted capital inflows of around $2 billion.

Role of Major Investors and Analysts

The president of ETF Store, Nate Geraci, described the ETF results as 'massive.' Over the weekend, Bitcoin purchases on exchanges and over-the-counter markets have driven the price upwards, even without active ETF trading. Financial analyst Keith Alan notes the interest of 'whales' who are anticipating a potential support flip at the $70,000 and $71,900 levels. Professional trader Michael van de Poppe believes that Bitcoin is approaching a new all-time high, viewing any pullback as a buying opportunity.

Potential Risks for BTC

Despite optimism, several factors could limit Bitcoin's rise in the coming weeks. Firstly, the results of the US presidential elections could influence the market. Kamala Harris, with a more moderate stance on cryptocurrencies, may create uncertainty, while a Donald Trump victory could boost Bitcoin demand due to his pro-digital industry stance. Secondly, increasing geopolitical tensions in key regions such as the Middle East, Russia, and Ukraine, could push investors towards traditional safe-haven assets like gold, potentially slowing Bitcoin's growth. Finally, fears of a global recession persist, with US inflation data exceeding expectations, which could weaken demand for risk assets like Bitcoin. Nonetheless, van de Poppe maintains that long-term bullish sentiment prevails, suggesting that any drop in Bitcoin's price may present an opportunity for hodlers.

While Bitcoin shows significant growth, analysts warn of risks related to the US elections, geopolitical tensions, and recession threats. Long-term prospects remain optimistic for Bitcoin supporters.