As a seasoned crypto investor with over a decade of experience in this volatile market, I must say that the current bullish momentum of Bitcoin (BTC) is truly reminiscent of the 2017 bull run. The price action and technical indicators are strikingly similar, giving me goosebumps of both excitement and caution.
Bitcoin has been steadily gaining bullish traction over the past few weeks, reinforcing the optimistic outlook for October. Breaking past its July peak of roughly $69,000, it reached a daily high of approximately $73,562 earlier today before experiencing a 2% dip to $72,115 during the London session on October 30th.
After experiencing a significant surge, the price of Bitcoin came close to reaching its maximum historical value (peak) of approximately $73,737, which was attained on March 14, 2024. This close approach triggered profits for nearly all Bitcoin owners who had previously invested, with 99% of them now enjoying a return.
Bitcoin Price on the Precipice of Major Bullish Uproar
The price of Bitcoin has been increasing compared to other digital currencies, pushing its dominance to a high not seen for several years, around 60%. Technically speaking, Bitcoin’s price is on the verge of a significant bullish surge because the fear of continued sell-offs has decreased noticeably in recent times. Currently, the Fear and Greed Index for Bitcoin has climbed to 77%, indicating extreme enthusiasm among investors.
Even if Bitcoin’s price at $72,000 appears to be a late investment, historical trends indicate differently. The MVRV Ratio surpassing its 365-day moving average has frequently indicated significant bull runs, and such an occurrence – known as the ‘golden cross’ – has just taken place once more!
— Ali (@ali_charts) October 29, 2024
Based on expert analysis by Ali Martinez, it’s expected that Bitcoin’s price could soon enter a highly escalating phase, similar to previous market upswings, given its historical patterns. Notably, the MVRV ratio has recently crossed over its 364-day Simple Moving Average (SMA), a phenomenon often preceding a significant bullish trend in the ensuing months.
If Bitcoin’s price can consistently close above the current resistance of approximately $73,737 in the upcoming weeks, it could indicate a potential new All-Time High (ATH). Should this bullish breakout occur, the next significant range for Bitcoin’s price lies between $84,000 and $94,000.
If Bitcoin’s price drops below $70K, it might head towards the support zone of around $66K to $68K. Following this, we could see a recovery leading towards the new record high within the next few months.
What’s Fueling BTC Pump
Previously mentioned by Coinspeaker, the cost of Bitcoin has noticeably surged due to high investor demand from whales, notably those associated with US spot BTC ETF providers. This trend has sparked increased speculation among investors that Bitcoin could experience a comparable price surge to Gold, which has been experiencing significant price fluctuations recently.
🎉 BTC #ETF have an inflow of $868M today, with $640M from BlackRock.
Among the most significant deposits since its debut, the latest one seems to rival the record-breaking inflow of $1.045 billion on March 12, 2024 (for the BTC ETF). With the current buzz, there’s a strong possibility of a new milestone being set.
BTC’s price increased by 5%…
— Spot On Chain (@spotonchain) October 30, 2024
As per the most recent market figures, the availability of Bitcoin has been significantly decreasing in the last while due to an increased demand from United States exchange-traded fund (ETF) providers specializing in Bitcoin. On Tuesday, these US spot Bitcoin ETF issuers reported a substantial net cash inflow exceeding $870 million, meaning they currently manage over $72 billion in assets under management (AUM).
Significantly, BlackRock’s IBIT saw $642 million in net cash inflows on Tuesday, the largest since early June. Given that pro-crypto candidate Donald Trump is leading in many polls before next week’s election and the anticipated Federal Reserve rate cut, Bitcoin’s price may continue to trend positively.
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2024-10-30 13:01