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.
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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.
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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,…
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