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Bitcoin’s bullish trend continues for another day, breaking the $73,000 barrieras several market conditions appear to favor the world’s largest cryptocurrency. Bitcoin jumped 6%, reaching $73,544 overdue Tuesday, the highest market price since March 14, the data showed. Thanks to the latest price rally, Bitcoin’s October gain is up 13%, better than S&P top stocks with an average gain of 1%.
Apart from Bitcoin, other top digital assets showed strength, with Ethereum rising 4% and Binance Coin rising 2%. With significant inflows into Bitcoin ETFs in recent days and the U.S. elections just days away, many expect more Bitcoin price growth.
Bitcoin is bullish ahead
Bitcoin’s jump to $73,500 during U.S. trading hours on Tuesday narrowly missed its all-time high set on March 14. However, a few developments and favorable market conditions could support push things along Bitcoin to higher highs in the next few days.
First, Bitcoin has finally broken its seven-month downtrend. For weeks, the top cryptocurrency consolidated at just above $68,000, and this stability motivated traders and investors to push the price higher.
BITCOIN $BTC
There are many ways to set goals. One variable is whether a semi-logarithmic or linear scale is used
The 94,000 target is the measured triangle movement projected from the semi-log breakout level
⬇️ 🧵 1/3 pic.twitter.com/VI0n7OAvia— Peter Brandt (@PeterLBrandt) October 29, 2024
This Monday alone, Bitcoin breached the $70,000 psychological support level before gaining more momentum from ETF inflows and whale trading. Many market analysts, including experienced trader Peter Brandt, have established equality a bolder goal: Bitcoin will soon reach $94.00-$160,000.
Secondly, the price movement liquidated many low positions and effectively broke the sell barriers between $65,000 and $71,000. This development has introduced a positive sentiment, leaving low investors on edge. Third, industry dominance is currently at 60%, the highest since March 2021.
Institutional Interest in Bitcoin’s Growth
Ongoing vast inflow into Funds listed on the Bitcoin exchange approved in January also played an significant role in the cryptocurrency’s recent surge. Bernstein data shows that leading BTC ETFs have attracted billions in inflows from corporate and institutional investors over the past few months. The total value of assets managed by these funds as of October 28 has already exceeded USD 68 billion and is likely to raise further.
Then, with the interest amounting to around $43 billion, interest in cryptocurrency futures is also growing. This raise in trading volume indicates a positive attitude among traders and indicates an raise in interest from market participants.
All eyes are on the US elections
Perhaps the biggest impact on Bitcoin’s price is scheduled for next Tuesday US elections. The price raise coincided with an raise in Trump’s chances of winning the presidential election.
Initially a “cryptoskeptic,” Republican Trump has emerged as a pro-crypto and pro-Bitcoin candidate, calling for a strategic collection of tokens for the country.
All of these factors have helped fuel Bitcoin’s recent price surge and could push the top cryptocurrency to a novel all-time high.
Featured image from Dall-E, chart from TradingView