On The Verge Of History: Bitcoin Breaks $73,000 Barrier, Eyes New Record High – Details
30 Outubro 2024 - 12:00PM
NEWSBTC
Bitcoin’s bullish trend continues for another day, breaking the
$73,000 barrier, as several market conditions seem to favor the
world’s biggest cryptocurrency. According to data, Bitcoin jumped
by 6% to hit $73,544 late Tuesday, its highest market price since
March 14th. With this latest price surge, Bitcoin’s October gain is
up by 13%, better than the top performers in the S&P with an
average 1% increase. Related Reading: Musk’s Revelation Sparks 15%
Dogecoin Spike After Trump Rally Appearance Aside from Bitcoin,
other top digital assets showed strengths, with Ethereum surging by
4% and the Binance Coin up by 2%. And with considerable inflows to
Bitcoin ETFs in recent days and the US elections just days away,
many expect a bigger price surge for Bitcoin. A Bullish Bitcoin
Ahead Bitcoin’s jump to $73,500 during US trading hours Tuesday
narrowly missed its all-time high set on March 14th. However, a few
developments and favorable market conditions can help push Bitcoin
to higher highs in the next few days. Firstly, Bitcoin has finally
snapped 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 push the price. 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
⬇️ 🧵 1/3 pic.twitter.com/VI0n7OAvia — Peter Brandt (@PeterLBrandt)
October 29, 2024 Just this Monday, Bitcoin topped the psychological
$70,000 support before getting a bigger push from inflows from ETFs
and trades by whales. Many market analysts, including experienced
trader Peter Brandt, set an even bolder target: Bitcoin will reach
$94,00 to $160,000 soon. Second, the price movement has liquidated
plenty of short positions and effectively passed sell walls between
$65,000 and $71,000. This development established a positive mood
by leaving short traders on the edge. Thirdly, its industry
domination is now at 60%, its highest since March 2021. Related
Reading: Bitcoin ETF Inflow Streak Breaks With Nearly $80 Million
Outflows In Sudden Reversal Institutional Interest In Bitcoin
Rising The ongoing large inflows into the Bitcoin exchange-traded
funds approved in January also play a major role in the recent
spike of the cryptocurrency. Based on Bernstein’s data, in the past
few months the top BTC ETFs have drawn billions of inflows from
businesses and institutional investors. These funds’ total assets
under management as of October 28th already surpass $68 billion and
are further likely to rise. Then, with about $43 billion of
interest, there is also increasing curiosity in crypto futures.
This rise in trading volume points to positive attitude among
traders and demonstrates increased interest of market players. All
Eyes On The US Elections Perhaps the biggest driver of Bitcoin’s
price is next Tuesday’s scheduled US elections. The rise in price
has coincided with Trump’s increasing odds of winning the
presidential elections. 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 helped Bitcoin’s recent price surge and can power the top
crypto to a new all-time high. Featured image from Dall-E, chart
from TradingView
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