Bitcoin traders expect the price to hit $70,000 in the near term as sentiment swings around the broader crypto industry ahead of the U.S. election and selling pressure from key wallets subsides. "The rally in bitcoin prices shows that the market is more optimistic about the near-term macro environment," Lucy Hu, a senior analyst at Metalpha, said on Wednesday. "The market is encouraged by Trump's vice presidential pick, which shows that the government and policy are more friendly to cryptocurrencies." In addition, "Bitcoin may be hovering around the 120-day moving average and the price may have momentum to rise to $68,000 or even $70,000, but we need to continue to closely monitor the impact of Federal Reserve policy and Mt. Gox payouts,"