Bitcoin surpassed $71,000 on Tuesday morning, leading other major altcoins into an uptrend a week before the US election. According to CoinGecko tracking, Bitcoin It reached $71,075 after falling last week due to widespread rumors about a possible investigation into Tether and the ongoing conflict in the Middle East.
Experts and industry observers say the latest Bitcoin hack is linked to increased inflows into Bitcoin ETFs and excitement over November 4 US presidential elections Crypto industry preference. Despite Bitcoin’s erratic price movements in the past few days, Bitcoin is currently anchored in bullish sentiment.
Source: Coingecko
Is there an uptrend for Bitcoin?
Last week was a tough time for coin holders and the market, as Bitcoin fell below $66,000, but it immediately rebounded and consolidated in the $670,000 to $68,000 range over the weekend.
After that, Bitcoin rose and reached $71,075, its best performance in the past four months. According to CoinGecko, Bitcoin’s recent price movement this Tuesday is supported by a trading volume of $51 billion, double the amount generated on Monday.
Bitcoin market cap currently at $1.4 trillion. Chart: TradingView.com
Observers like Peter Brandt have said that Bitcoin’s recent price action reflects a new bullish phase following the halving. In a post on Twitter, the experienced trader said that Bitcoin has completed the “inverted expanding pyramid” and that the next follow-up is crucial. Brandt also explained that this could mark a post-halving rally for Bitcoin.
Trades from BTC whales and inflows into ETFs are boosting the market
The recent rise in Bitcoin prices has been attributed to increased trading from… Bitcoin whales and inflows into ETFs. According to CryptoQuant’s Mignolet, the recent buying can be attributed to whales on Binance, who appear to be net Bitcoin buyers during Asian trading hours.
source: Persian investors
Also, trading in Bitcoin ETFs mainly contributed to higher than usual trading volume. These funds added up to a net inflow of over 47,000 BTC over two weeks. Aside from Bitcoin, there are also other major altcoins Join the boom. For example, Dogecoin rose 15% due to Trump’s popularity. Then there’s Shiba Inu (SHIB), which jumped 8%, Ether (ETH) by 4.9%, and Cardano’s ADA improved by 3%.
Image: Zerocap
Greater heights then?
For many experienced traders, Tuesday’s big jump sets the trend ahead of the US elections in November. Traders and cryptocurrency supporters expect Bitcoin to maintain its gains or even reach new highs regardless of the outcome of the presidential election.
Traders have long favored and expected Donald Trump to win the election. For many, Trump’s win is a bullish catalyst for Bitcoin since he boasts some pro-crypto policies. It also helps that Trump has the support of Elon Musk, a strong supporter of Bitcoin and blockchain technology. On the other hand, Democrats have not set specific policies but are planning to introduce regulations in the industry.
Even financial analysts are contributing their opinions and forecasts ahead of the US elections. According to some analysts at Standard Chartered Bank, Bitcoin may reach $73,000 by November 5th. If Trump wins, they expect the price to reach $80,000 or even $125,000 before the end of the year, especially if Republicans win Congress.
Featured image by Dall-E, chart from TradingView
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