Bitcoin Traders Anticipate Rally to $70,000 on Optimistic Macro Environment and Crypto-Friendly US Administration

Bitcoin traders are optimistic about the cryptocurrency's future, with expectations that it could reach $70,000 in the near term. This is due to a more positive political outlook for the crypto sector, as well as reduced selling pressure from key wallets. The recent pick of Ohio senator JD Vance as Donald Trump's running mate for the 2024 elections has also contributed to the bullish sentiment, as Vance is known to be crypto-friendly and has held up to $250,000 worth of BTC. However, concerns over Mt. Gox repayments and the need to monitor closely the Fed policies remain.