As a seasoned researcher with over two decades of experience in the financial markets, I must admit that the current surge in Bitcoin price has caught my attention. The past seven months have been characterized by a falling trend for the flagship coin, so it’s refreshing to see a change in momentum.
In the remaining 72 hours of October, Bitcoin has experienced a surge of over 4% within the last 24 hours, peaking at approximately $71,540 and currently standing at around $70,825 during the mid-London session on Tuesday. This bullish movement signifies a break from a downward trend that has persisted for the past seven months, indicating renewed optimism in the market’s largest cryptocurrency.
Technically speaking, the main obstacle preventing Bitcoin from experiencing a steep increase is the resistance level that lies between $71,000 and $73,000. As per experienced trader Peter Brandt’s analysis, Bitcoin’s price is primed to surge towards an estimated mid-term goal of approximately $94,000.
After witnessing the successful retest of Bitcoin’s bullish breakout from a descending logarithmic trend since March this year, I find myself closely monitoring not just Bitcoin but also other key players in the crypto market like Ethereum ($2622), Solana ($180.8), and Dogecoin ($0.16). The recent crypto surge has unfortunately resulted in a staggering $228 million in losses within the past 24 hours, with approximately 81% of these instances being from short traders. This high percentage suggests a possible short squeeze in the Bitcoin market, which could potentially propel its price beyond $100K in the upcoming months.
The potential swing target for a swing trade can be estimated by drawing a line upward from the August 2024 low, extending to the range between the November 2022 low and March 2024 high. This method is demonstrated on a log scale graph. However, I must caution that this may seem like a stretch as it involves projecting quite far into the future. Following my rule of one target at a time, we should focus on analyzing this single potential swing target for now. š§µ 1/3
ā Peter Brandt (@PeterLBrandt) October 29, 2024
Top Factors that Helped Bitcoin Price Rally Today
Bitcoin’s price has picked up a strong upward trend over the past week, bouncing back solidly from the support it found after the market crash on August 5th. In essence, Bitcoin is trying to mimic the bullish surge that gold is experiencing right now, which is reaching new highs.
In the last day, a significant increase was primarily fueled by increased interest from institutional investors and countries like El Salvador, with several others following suit. As per recent market statistics, the Bitcoin supply held on centralized exchanges dropped by more than 40,000 over the past four weeks.
In recent times, U.S. Bitcoin exchange-traded funds (ETFs) have significantly increased their Bitcoin acquisitions, totalling approximately $3.5 billion over the past four weeks. On Monday alone, these ETFs saw a net inflow of over $479 million, bringing their total assets under management to almost $69 billion.
In this latest phase, BlackRock’s Institutional Bitcoin Investment (IBIT) has been a leading player in purchasing Bitcoins to the tune of approximately $315 million, which now places them in control of over $28.4 billion worth of assets under their management, as per the recent report.
The price of Bitcoin has shown sensitivity to the possibility of a victory by Donald Trump, the presumptive Republican presidential nominee, as he is known to have a connection with the cryptocurrency sphere.
Based on data from the leading decentralized betting platform, Polymatlet, it appears that Donald Trump has approximately a two-thirds likelihood of being victorious in the upcoming elections.
In the coming week, it’s anticipated that the U.S. Federal Reserve will lower interest rates again, hoping to boost the economy. This move could potentially have a positive, long-term effect on Bitcoin prices.
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2024-10-29 12:51