The recent Fed rate cuts have boosted Bitcoin investor confidence, with whales buying up to 1.6 billion BTC. Since September 18, significant accumulation has occurred, with whales purchasing 25,510 BTC.
This bullish sentiment is driven by a 50 bps interest rate cut, which positively impacts risk assets, including Bitcoin. More liquidity is expected to flow into Bitcoin, potentially lifting its price to $70,000 soon.
BTC has already surpassed the $60,000 support level, indicating strong momentum. If this trend continues, Bitcoin may surpass its previous ATH of $73,000, possibly leading to new highs.
Historical trends also favor a bullish outlook. In halving years like 2016 and 2020, Bitcoin experienced substantial gains. This year mirrors those patterns; Q4 historically brings strong returns for Bitcoin.
At the time of writing, Bitcoin is trading around $63,900, up over 1% in the last 24 hours.
