Bitcoin Surges Past $73,000, Approaching New All-Time High
Bitcoin's bullish trend continues, surpassing the $73,000 mark, with a recent price of $73,544—up 6% and its highest since March 14. Bitcoin has gained 13% in October, outperforming the S&P 500's average increase of 1%.
Other cryptocurrencies also showed strength: Ethereum rose by 4%, and Binance Coin increased by 2%. Significant inflows into Bitcoin ETFs and the upcoming US elections are contributing to expectations for further price increases.
A Bullish Bitcoin Ahead
Bitcoin’s rise to $73,500 during US trading hours on Tuesday approaches its all-time high from March 14. Recent developments, including the end of a seven-month downtrend and consolidation above $68,000, have motivated traders.
B I T C O I N $BTC There are numerous ways to determine targets. One variable is whether semi-log or linear scale is used Target of 94,000 is measured move of triangle projected from breakout level on semi-log
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— Peter Brandt (@PeterLBrandt) October 29, 2024
On Monday, Bitcoin surpassed the $70,000 support level, aided by ETF inflows and whale trades. Analysts, including trader Peter Brandt, predict Bitcoin could reach between $94,000 and $160,000 soon.
The price movement has liquidated numerous short positions and cleared sell walls between $65,000 and $71,000, creating a positive market sentiment. Bitcoin's market dominance is currently at 60%, the highest since March 2021.
Institutional Interest In Bitcoin Rising
Large inflows into Bitcoin exchange-traded funds approved in January significantly contribute to the cryptocurrency's recent surge. As of October 28, these ETFs have attracted over $68 billion in total assets, with continued growth expected.
Additionally, interest in crypto futures has reached approximately $43 billion, reflecting increased trading volume and market engagement.
All Eyes On The US Elections
The upcoming US elections on Tuesday may be a significant factor influencing Bitcoin's price. The correlation between rising prices and former President Trump's increasing odds of winning is notable. Trump, once a crypto skeptic, has adopted a pro-Bitcoin stance, advocating for a national stockpile of Bitcoin.
These factors collectively support Bitcoin's recent price uptick and potential for reaching new all-time highs.
Featured image from Dall-E, chart from TradingView