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bitcoin's bullish trend continues for another day.bitcoin” target=”_blank” rel=”nofollow”> breaking the $73,000 barrieras several market conditions appear to favor the world's largest cryptocurrency. According to the data, bitcoin jumped 6% to reach $73,544 on Tuesday night, its highest market price since March 14. With this latest price surge, bitcoin's October gain rose 13%, better than the top performers on the S&P with an average gain of 1%.
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Aside from bitcoin, other major digital assets showed strengths, with ethereum rising 4% and Binance Coin 2%. And with considerable capital inflows into bitcoin ETFs in recent days and the US election just days away, many expect a further rise in bitcoin price.
A bullish bitcoin ahead
bitcoin's jump to $73,500 during US trading hours on Tuesday came close to hitting its all-time high set on March 14. However, some favorable market events and conditions may help boost bitcoin-tops-71000-a-5-month-high-as-election-inflation-questions-swirl/” target=”_blank” rel=”nofollow”>bitcoin to higher highs in the next few days.
First of all, bitcoin finally broke its seven-month downtrend. For weeks, the leading crypto has been consolidating just above the $68,000 level, and this stability motivated traders and investors to push the price higher.
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bitcoin twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$btc
There are numerous ways to determine objectives. One variable is whether a semilogarithmic or linear scale is used.
The 94,000 target is the measured movement of the projected triangle from the semi-log breakout level.
1/3 pic.twitter.com/VI0n7OAvia
—Peter Brandt (@PeterLBrandt) twitter.com/PeterLBrandt/status/1851100685682585769?ref_src=twsrc%5Etfw” rel=”nofollow”>October 29, 2024
Just this Monday, bitcoin broke above the $70,000 psychological support before receiving further boost from ETF inflows and whale trading. Many market analysts, including experienced trader Peter Brandt, set a uniform level x.com/PeterLBrandt/status/1851100685682585769/photo/1″ target=”_blank” rel=”nofollow”>bolder goal: bitcoin will soon reach $94.00 to $160,000.
Secondly, the price movement has liquidated many short positions and effectively breached the sell walls between $65,000 and $71,000. This development created a positive environment by leaving short traders on edge. Third, its industry dominance is now 60%, the highest since March 2021.
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Institutional interest in bitcoin rise
The current big entries in the bitcoin–btc-etfs-get-third-highest-inflow-with-token-near-record” target=”_blank” rel=”nofollow”>bitcoin Exchange Traded Funds approved in January also play an important role in the recent rise of the cryptocurrency. According to Bernstein data, major btc ETFs have attracted billions of inflows from corporate and institutional investors in recent months. The total assets under management of these funds as of October 28 already exceed $68 billion and are likely to continue to rise.
Then, with around $43 billion in interest, there is also growing curiosity about crypto futures. This increase in trading volume indicates a positive attitude among traders and demonstrates increased interest from market players.
All eyes on US elections
Perhaps the biggest driver of the price of bitcoin is what is expected for next Tuesday. American elections. The price rise has coincided with the increasing odds that Trump will win the presidential election.
Initially a “crypto-skeptic,” Republican Trump has become a pro-crypto and bitcoin candidate, calling for a strategic reserve of the token for the country.
All of these factors helped bitcoin's recent price surge and may propel the leading cryptocurrency to a new all-time high.
Featured image of Dall-E, TradingView chart
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