The cryptocurrency market sentiment is high! Bulls predict that Bitcoin will hit a new all-time high again

On Wednesday, Bitcoin rose nearly 3%, surging above $68,000, with some bulls once again setting their sights on Bitcoin's historical high set in March.

Brett Munster of Blockforce Capital wrote, "Bitcoin's price has been consolidating for 6 months, and I am prepared for the perfect storm for Bitcoin and other crypto assets."

The last time Bitcoin reached $70,000 was in July, with its historical high of nearly $74,000 set in March this year.

Munster wrote, "Global liquidity is rising again, with central banks around the world injecting cheap capital into their economies. In the past, when global liquidity exceeded its moving average, it often accompanied a significant rise in Bitcoin prices."

This week, US Vice President Harris pledged to support a regulatory framework for cryptocurrencies, further boosting optimism in the crypto community. This recognition comes after years of complaints in the crypto industry that US officials have chosen enforcement over clear regulation.

Former President Donald Trump is also actively seeking cryptocurrency voters in the current presidential race, competing with Harris and having multiple ongoing projects related to cryptocurrencies.

However, it is worth noting that Tesla CEO Musk may sell his Bitcoin holdings.

Tesla is one of the largest corporate holders of Bitcoin, having transferred nearly all of its $760 million worth of Bitcoin to an unknown wallet, raising the possibility that the automaker may be selling.

According to crypto data company Arkham Intelligence, on Tuesday, wallets associated with the electric car maker transferred over 11,500 Bitcoins to wallets of unknown ownership. Tesla's wallet now holds only about $6.65 worth of Bitcoin, essentially close to zero.

According to data from BitcoinTreasuries, 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 purchased $1.5 billion worth of Bitcoin in February 2021 and at one point held as much as $2.5 billion worth of Bitcoin. However, the company sold 75% of its holdings at a loss in early 2022. In March this year, Tesla held around 11,509 Bitcoins, worth about $770 million.

Musk had previously announced that when Tesla first acquired its Bitcoin reserves, the company would soon accept Bitcoin payments, but this plan was abandoned shortly after due to environmental concerns.

While some of Musk's companies, including Tesla and SpaceX, hold Bitcoin on their balance sheets, Musk stated in a July interview that he believes "Bitcoin and some other cryptocurrencies have some value," but he has a soft spot for Dogecoin