As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of bull and bear markets. However, the current trajectory of Bitcoin (BTC) is particularly intriguing. After a brief lull in its bullish momentum, it appears that the flagship coin is gearing up for another potential surge.
Over the past week, Bitcoin‘s impressive surge seems to have slowed down significantly over the past five days. The leading cryptocurrency has encountered strong resistance at approximately $69,000, potentially triggering a temporary correction. Despite this, Bitcoin has been on an upward trajectory since the August 5 crypto market crash, with a pattern of higher highs and higher lows in the daily chart, indicative of a long-term bullish trend.
To maintain a positive trend, it’s crucial for Bitcoin’s price to repeatedly close above approximately $68,000 over the next few days. If the price surpasses $68,000 in advance, the following significant target would be $72,000 – the record high reached earlier this year.
Based on predictions by well-known cryptocurrency analyst known as ZAYK Charts, there’s a strong possibility that the Bitcoin price could surge by approximately 31% to reach around $85,000. This forecast is based on a successful retest of a breakout from an optimistic flag formation.
$BTC In 3D Timeframe,Bullish Flag Breakout is Done & Retesting is in Process✍️
New ATH Soon✅#BTC #BTCUSDT #Bitcoin #Crypto
— ZAYK Charts (@ZAYKCharts) October 25, 2024
Factors That Will Lead to Bullish Breakout for Bitcoin
In the leading positions, the optimistic outlook for Bitcoin is strengthened by a surge in demand from large-scale investors, as indicated by a study on the blockchain conducted by market analysis platform Santiment. Over the last fortnight, there has been an approximately 300 increase in whale wallets holding more than 100 BTC coins.
Over the identical timeframe, retail traders have stepped up their selling of Bitcoin at an increased pace, causing a decrease of approximately 20,629 wallets holding less than 100 BTC. This trend, according to Santiment, indicates a potentially bullish outcome based on their analysis of blockchain data.
Over the last seven days, over 40,000 units of Bitcoin have been withdrawn from centralized exchanges, leaving approximately 2.39 million units as of now. This significant decrease in Bitcoin’s supply on these platforms is primarily due to increased demand for spot Bitcoin ETFs in the recent past.
Based on recent market statistics, BlackRock’s IBIT has persisted in attracting cash, with a total cash inflow of $165 million recorded on Thursday alone. Over the past three weeks, US spot Bitcoin ETFs have collectively seen a significant net cash influx amounting to nearly $3 billion.
This afternoon, Microsoft announced in a Securities and Exchange Commission filing that they are considering an investment in Bitcoin. This topic will be up for a vote at their shareholder meeting on December 10. The filing states that the board of directors advises against voting in favor of this proposal.
The filing…
— MacroScope (@MacroScope17) October 24, 2024
Based on a Securities and Exchange Commission (SEC) disclosure made on Thursday, Microsoft Corporation could potentially venture into the Bitcoin market by holding a shareholders’ meeting in December. However, the company’s board of directors has advised shareholders to reject this proposed move.
In a similar vein, Metaplanet Inc from Japan is progressively taking steps that mirror those of MicroStrategy Inc (NASDAQ: MSTR), by embracing Bitcoin as a safeguard against the erosion of value caused by rising fiat currency inflation.
It’s probable that the value of Bitcoin will mirror Gold’s upward trend in the short term, as we approach the 2024 U.S. presidential and congressional elections.
Additionally, it’s expected that the Federal Reserve will lower interest rates again on November 7 to stimulate economic expansion within the nation. It’s worth noting that the US dollar has been challenged by the growing strength of the BRICS alliance, which has persistently worked towards intensifying the de-dollarization trend.
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2024-10-25 13:18