As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I can’t help but feel the familiar adrenaline surge when Bitcoin breaks new records. Having weathered countless market cycles and bear runs, I’ve learned to read between the lines of analyst predictions and institutional trends.
On October 29th, the value of Bitcoin surpassed $71,000 for the first time since June 2024. Cryptocurrency experts believe that, given the current positive trajectory, Bitcoin could hit a fresh record high this week.
Based on information from crypto.news, Bitcoin (BTC) experienced an approximately 5% increase on October 29th. This digital currency, with the highest market capitalization, peaked at around $71,267 within the past day. The last time Bitcoin surpassed the $71,000 mark was in June 2024, as per records.
According to a report published on October 28th by crypto.news, James Butterfill, head of research at CoinShares, suggested that recent Bitcoin price movements and trends may be heavily impacted by the political landscape of the United States, particularly as the presidential elections are approaching in early November.
According to Butterfill, it’s plausible that the recent rise in investments is associated with an uptick in Republican polls.
In a recent post on X, popular cryptocurrency analyst Michael van de Poppe expressed his belief that Bitcoin could surpass its previous record high this week, as the current price level is “nearing the 10% mark, which is an ideal zone.” The last time Bitcoin touched its all-time peak was in March 2024, when it soared to $73,750.
As an analyst, I’ve observed that Bitcoin has rebounded from its optimal zone and is now approaching a fresh all-time high, as stated in my recent post.
I’ve noticed that we’re stepping into what he calls “unemployment week” – the initial week of the month. Van de Poppe posits that this period might present Bitcoin with an opportunity to hit a fresh peak.
As a researcher observing the cryptocurrency market, I’ve noticed Bitcoin has surged past the key liquidity point of around $70K. Given that we’re in the midst of Unemployment week, I’m optimistic that Bitcoin could reach a new All-Time High (ATH) this week, with its current price being approximately 10% higher than the sweet spot.
— Michaël van de Poppe (@CryptoMichNL) October 29, 2024
As a researcher, I’ve observed an interesting trend in the crypto market. Specifically, I noticed that Bitcoin has seen a surge in institutional demand starting from early 2024. This observation is supported by the data from U.S-based spot Bitcoin exchange-traded funds, which have experienced a net inflow of approximately 278,000 BTC since their launch in January. Notably, around 80% of these inflows can be attributed to retail investors.
Over the course of a year, holders of at least 1,000 Bitcoins (excluding cryptocurrency exchanges and mining pools) have received approximately 670,000 BTC.
“In custodial wallets, institutional demand is twice that of retail,” said Young Ju on his X post.
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2024-10-29 14:27