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Bitcoin’s bullish trend continues for another day, Breaking the $73,000 barrieras many market conditions seem to favor the world’s largest cryptocurrency. According to the data, Bitcoin jumped 6% to $73,544 late Tuesday, its highest market price since March 14. With this latest price rise, Bitcoin’s October gains were up 13%, which is better than the best-performing currencies in the S&P with an average increase of 1%.
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Aside from Bitcoin, other digital assets showed strengths, with Ethereum rising 4% and Binance Coin rising 2%. With significant inflows into Bitcoin ETFs in recent days and the US elections just days away, many are anticipating a further rise in Bitcoin prices.
Bitcoin is bullish in the future
Bitcoin jumped to $73,500 during US trading hours on Tuesday, narrowly off its all-time high on March 14. However, some developments and favorable market conditions could help the push Bitcoin to higher levels In the next few days.
First, Bitcoin finally broke its seven-month downtrend. For weeks, the top cryptocurrencies have consolidated at a level just above $68,000, and this stability has motivated traders and investors to push the price.
Bitcoin $ Bitcoin
There are many ways to set goals. One variable is whether a semi-log or linear scale is used
Target 94000 is to measure the triangle movement expected from the breakout level on the semi-record
⬇️ 🧵 1/3 pic.twitter.com/VI0n7OAvia– Peter Brandt (@PeterLBrandt) October 29, 2024
Just this Monday, Bitcoin crossed the psychological support of $70,000 before getting a bigger boost from inflows from ETFs and whale trades. Several market analysts, including experienced trader Peter Brandt, broke even A bolder goal: Bitcoin price will reach $94,00 to $160,000 soon.
Second, the price action liquidated a lot of short trades and actually crossed the sell walls between $65,000 and $71,000. This development created a positive mood by leaving short traders on edge. Third, its industry dominance is now at 60%, its highest level since March 2021.
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Institutional interest in Bitcoin rises
Continuing large inflows to Bitcoin exchange-traded funds Its approval in January also played a major role in the cryptocurrency’s recent rise. Based on Bernstein data, the largest Bitcoin ETFs in the past few months have attracted billions in inflows from companies and institutional investors. The total assets under management of these funds as of October 28 exceeded $68 billion and is likely to rise further.
Then, with nearly $43 billion in interest, there is also a growing curiosity in cryptocurrency futures. This rise in trading volume indicates a positive attitude among traders and shows increased interest by market players.
All eyes on the US elections
Perhaps the biggest driver for Bitcoin’s price is next Tuesday American elections. The rise in prices coincided with the increasing likelihood of Trump winning the presidential elections.
Initially a “crypto skeptic,” Republican Trump has emerged as a pro-crypto and pro-bitcoin candidate, calling for a strategic stockpile of digital currencies for the country.
All of these factors have aided the recent rise in Bitcoin prices and could push the cryptocurrency to a new all-time high.
Featured image by Dall-E, chart from TradingView
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