-
Bitcoin rises to 4-month high of 71.5k.
-
Rising expectations of a Trump victory boost BTC.
-
BTC sees a Golden cross formation.
-
FOMO increases with rising wallets in profit.
-
BTC ETFs record $3 billion in inflows in 2 weeks.
At the beginning of the month, we suggested that Bitcoin would rise to 70k in October. With two days to spare, the world's largest cryptocurrency surpassed that target, reaching a high of 71,500. This now opens the door to the possibility of a fresh all-time high this week, potentially even before the end of October.
At the time of writing, Bitcoin has already risen to a four-month high of 71,500, meaning it's just over 3% shy of its all-time high. Thanks to several tailwinds and an upbeat market mood a new record high this week looks well within the realm of possibility.
Bitcoin has risen sharply on growing bets that Trump will win the upcoming US election, on positive technicals and FOMO.
US election boost
The world's largest cryptocurrency has been boosted by growing speculation that Republican candidate Donald Trump will beat Democrat nominee Kamala Harris in the November 5th election.
While Trump has gained ground against Harris in recent polls, online prediction markets favour a Trump victory. Trump has positioned himself as the pro-crypto candidate throughout his campaign, promising crypto-friendly regulation, which could bode well for the industry.
Technical picture
Meanwhile, Bitcoin's technical picture has also become more encouraging as the cryptocurrency breaks out of its seven-month descending channel and as the 50 SMA crosses above the 200 SMA in a bullish golden cross formation. This brings Bitcoin's record high of 73,750, reached back in March, back into focus. There are blue skies above, so the next logical level to target would be 80k, ahead of 100k.
FOMO
Several other data points suggest that fear of missing out (FOMO) could also be boosting the price.
Firstly, the Bitcoin Fear and Greed index is at 72, up from 70 last week and 63 a month ago. The index is at around the highest level since July and shows that the market is in a state of greed.
Secondly, data from IntotheBlock shows that 98% of Bitcoin holders are sitting in profits while just 1.26% are at break-even point. Typically, when wallet profitability increases, holders become more willing to hold their Bitcoins rather than sell, boosting investor confidence and attracting new buyers.
Institutional demand surges
Bitcoin spot ETFs recorded their highest inflows in two weeks on October 28th. According to So So Value, yesterday's inflows were worth $479 million, with BlackRock once again seeing the largest share of three with $315 million in inflows. Blackrock's Bitcoin holdings have now surpassed 400,000 coins, and the asset manager is on track to flip Satoshi to become the largest Bitcoin holder. Bitcoin ETFs have reported $3 billion in net inflows in just two weeks, highlighting the strength in institutional demand.
Start trading with PrimeXBT
The content provided here is for informational purposes only and is not intended as personal investment advice. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. Virtual assets are inherently volatile and subject to significant value fluctuations, which could result in substantial gains or losses. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. PrimeXBT does not accept clients from Restricted Jurisdictions as indicated in our website.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.