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Bitcoin’s bullish trend continues for another day breaking the $73,000 barrieras different market conditions appear to favor the world’s largest cryptocurrency. According to data, Bitcoin rose 6% to reach $73,544 late Tuesday, the highest market price since March 14. With this latest price increase, Bitcoin’s October gains are up 13%, outperforming the top performers in the S&P with an average gain of 1%.
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Besides Bitcoin, other top digital assets showed strength, with Ethereum rising 4% and Binance Coin rising 2%. And with significant inflows into Bitcoin ETFs in recent days and the US election just days away, many expect a bigger price increase for Bitcoin.
A Bullish Bitcoin Ahead
Bitcoin’s jump to $73,500 during US trading hours on Tuesday narrowly missed its all-time high on March 14. However, some developments and favorable market conditions can provide a boost Bitcoin to higher highs in the coming days.
First, Bitcoin has finally broken its seven-month downtrend. For weeks, the top crypto has consolidated at just above the $68,000 level, and this stability motivated traders and investors to increase the price.
Bitcoin $BTC
There are numerous ways to determine goals. One variable is whether a semi-logistic or linear scale is used
The 94,000 target is the measured motion of the triangle projected from the breakout level at semi-log
⬇️ 🧵 1/3 pic.twitter.com/VI0n7OAvia— Peter Brandt (@PeterLBrandt) October 29, 2024
Just this Monday, Bitcoin surpassed the psychological support of $70,000 before getting a bigger boost from ETF inflows and whale trades. Many market analysts, including experienced trader Peter Brandt, set a tie bolder goal: Bitcoin will soon reach $94,00 to $160,000.
Second, the price movement has liquidated a large number of short positions and effectively breached the selling walls between $65,000 and $71,000. This development created a positive mood, leaving short traders on the edge. Third, industry dominance now stands at 60%, the highest level since March 2021.
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Institutional interest in Bitcoin is rising
The continued large influx into the Bitcoin Exchange Traded Funds approved in January also play a major role in the cryptocurrency’s recent spike. Based on Bernstein’s data, the top BTC ETFs have received billions in inflows from companies and institutional investors in recent months. The total assets under management of these funds already exceed $68 billion as of October 28 and are likely to rise further.
Then, with interest at around $43 billion, there is also an increasing curiosity about crypto futures. This increase in trading volume indicates a positive attitude among traders and demonstrates increased interest from market players.
All eyes on the American elections
Perhaps the biggest driver of Bitcoin’s price is scheduled for next Tuesday American elections. The price increase coincided with Trump’s increasing chances of winning the presidential election.
Initially a “crypto skeptic,” Republican Trump has emerged as a pro-crypto and Bitcoin candidate, calling for a strategic stockpile of the token for the country.
All these factors have contributed to Bitcoin’s recent price surge and could push the top crypto to new all-time highs.
Featured image of Dall-E, chart from TradingView