Bitcoin Price Prediction: Bitcoin Tops $75,000, Will the Price Continue to Rise?

TradingKey - As of the Asian session on August 21, Bitcoin (BTC) price briefly surged past $75,000 intraday, reaching a daily high of $75,897.34, with its weekly cumulative gain exceeding 20%, marking the largest single-week gain in nearly two and a half years. Having previously fluctuated within the $60,000–$66,000 range, Bitcoin has now successively broken through the $66,000, $70,000, and $75,000 thresholds, reflecting a marked improvement in market risk appetite and capital flows.

From a fundamental perspective, this round of rapid gains in Bitcoin was primarily driven by changes in the US bond market.

Recently, long-term US Treasury bonds experienced a massive sell-off, after which the US Department of the Treasury announced an expansion of long-term Treasury buybacks in hopes of improving market liquidity and stabilizing the bond market. This policy temporarily drove long-end Treasury yields lower, while the US dollar posted a cumulative decline of approximately 0.9% this week, approaching a three-month low. For Bitcoin, a weakening US dollar and an improved liquidity environment are typically favorable for risk asset valuations and served as a major catalyst for BTC breaking above $70,000 in this round.