As an experienced crypto investor with battle-tested nerves and a knapsack full of lessons learned, I must admit that I find myself feeling rather bullish about Bitcoin right now.
For the past four days, the value of Bitcoin (BTC) has climbed over $4,500, reaching above $71,000. Is this growth trend likely to persist, and will Bitcoin manage to surpass $73,800 and set a fresh record high?
Stars are aligning for Bitcoin
It appears that the conditions for Bitcoin seem to be falling into place, as previously suggested. The Bitcoin price has surpassed its 7-month long bullish pattern, known as a flag, and is now above it. Moreover, there’s been a surge in purchasing of U.S. Spot Bitcoin ETFs, and pro-cryptocurrency former President Donald Trump seems poised to potentially win the upcoming election within a week.
As a researcher studying the cryptocurrency market, I’ve found it challenging to maintain focus and hold onto my Bitcoin investments amidst the torrential downpour of FUD (fear, uncertainty, and doubt) that has been sweeping through the Bitcoin and broader crypto industry.
Despite some fluctuations, it’s becoming increasingly clear to many that Bitcoin represents a genuine value. While temporary drops in its price are expected, during a bull market, periods of growth should outweigh declines, making uptrends more frequent.
6.95K Bitcoins were withdrawn from the system on Monday, coinciding with the ongoing buying frenzy of U.S. Spot Bitcoin ETFs, which translated to approximately half a billion dollars in daily inflows. Over the past ten days, Blackrock’s IBIT fund has been responsible for purchasing around $2.5 billion worth of Bitcoin.
In terms of politics, the United States election is now in its last week. Polymarket currently predicts Trump with a 66.3% lead over Harris at 33.7%. Even traditional pollsters are starting to suggest that Trump may have an advantage. However, it all depends on the seven crucial states, and the outcome could still be uncertain.
$BTC breaks through two more major resistances
For the present time, Bitcoin’s value is experiencing a robust increase. The short-term graph indicates that following the break of the trendline, which additionally marked the neckline of the ‘W’ pattern, there has been a significant spike. This spike has breached the major resistance levels of $69,000 and $70,000, turning them into support. It remains to be observed how high this upward trend might continue.
Should the sounds surrounding the U.S. elections persistently support Trump, there’s a possibility that Bitcoin might continue to surge. Nevertheless, in case the election concludes with Trump as the winner, this outcome might function as a ‘sell-the-news’ moment, potentially indicating a pullback.
Last major resistance before the all-time high
On a weekly basis, it appears that the Bitcoin price is nearly touching the last significant barrier to reach its record high. If a candle’s body manages to close above this resistance by the end of the week, it would set the stage for the final push toward $73,800.
Moving ahead, it’s possible that Bitcoin might enter a phase of consolidation above the $71,350 mark due to signs of overbought conditions on shorter timeframes. However, an upward trend in the Stochastic RSI on monthly charts hints at strong upside momentum lasting for several months.
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2024-10-29 14:10