Crypto Price Analysis 10-29 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGWIFHAT: WIF, CHAINLINK: LINK, APTOS: APT, FANTOM: FTM

As a seasoned cryptocurrency trader with years of experience under my belt, I’ve seen more market fluctuations than I can count. Over the past few days, I’ve been closely watching the performance of Chainlink (LINK), Aptos (APT), and Fantom (FTM).

Bitcoin (BTC) reached an impressive milestone of $71,000 earlier today, edging closer to its all-time highs. This marked the first time BTC hit $70,000 since late July and peaked at $71,460 before slightly dipping back to $71,000. At present, Bitcoin is being traded around the $70,950 mark, demonstrating a significant surge of nearly 5% over the past day. Other prominent cryptocurrencies such as Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Toncoin (TON), Polkadot (DOT), and many more have also shown substantial growth.

Analysts predict Bitcoin could reach an all-time peak in the coming week due to several major events that might influence the markets. Among these are the upcoming US elections on November 5th, the release of the US Gross Domestic Product (GDP) report, and the Federal Open Market Committee (FOMC) meeting, which will occur following the election. The total crypto market value has experienced a substantial increase as well, rising by 4.51% to reach approximately $2.4 trillion at present.

Speaking about the market recovery, ChangeNOW CMO Pauline Shangett stated,

The significant surge of Bitcoin to $71,000 indicates growing trust among investors in the crypto market. This optimistic trend, with BTC getting close to its all-time highs, might pave the way for a fresh peak. Moreover, the rise in prominent altcoins such as Ethereum, Solana, and Polkadot hints at a robust, widespread uptrend that could result in additional gains soon.

Where Does Bitcoin (BTC) Go From Here?

Since Bitcoin (BTC) has surpassed $70,000 again for the first time since July, analysts are pondering its possible future trajectory. Given that the bulls are currently in charge, there’s a general optimism among analysts and investors that BTC could reach a new peak, particularly with Donald Trump appearing as a strong contender for the U.S. presidency. Furthermore, the balance of risks seems to favor a reduction in tensions between Iran and Israel, following Israel’s recent strike that did not focus on nuclear facilities, enabling Iran to de-escalate. These events have significantly contributed to the rise in crypto prices and US stock markets.

Alongside investors, there’s a widespread expectation that key economic indicators, such as core Personal Consumption Expenditures (PCE), ISM Purchasing Manager’s Index (PMI), and employment reports, will depict a robust yet deflation-resistant economy. Moreover, strong earnings from mega-cap companies, notably Tesla, have sparked optimism among investors regarding their risk tolerance.

DOJ Targets Crypto Tycoon

Maximiliano Pilipis has been formally accused by the U.S. Department of Justice for his involvement with Aurumxchange, an unauthorized cryptocurrency exchange. The accusations, made by the U.S. Attorney’s Office in the Southern District of Indiana, include two charges for not submitting tax returns and five charges for money laundering activities. According to court documents, these allegations were detailed.

Between about 2009 and 2013, Pilipis established and managed Aurumxchange as a platform for people to trade bitcoin and other digital currencies for U.S. dollars, as well as various government-issued and virtual currencies. Aurumxchange and Pilipis earned millions of dollars through transaction fees, and they amassed over 10,000 bitcoins, which were worth around $1.2 million at the time.

As an analyst, I’ve discovered that the platform Aurumxchange is reportedly connected to more than 10,000 transactions, with a portion of these linked to Silk Road – an underground market on the dark web that ceased operations in 2013.

Over 100,000 transactions were processed through Aurumxchange, leading to a transfer of more than thirty million dollars.

Crypto Gaining Popularity In Indonesia

According to local news sources in Indonesia, there’s been a growing interest in cryptocurrency among young adults, aged between 18 and 30. Data from Indonesia’s Commodity Futures Trading Regulatory Agency shows that approximately one-quarter (27%) of investors aged 18 to 24 have invested in crypto, with this figure climbing to around a third (35%) among those aged 25 to 30. The head of Indonesia’s Commodity Futures Trading Regulatory Agency noted that young Indonesians are quite keen on digital assets, regarding them as a possible substitute for conventional investments like stocks and gold.

Instead, he emphasized the importance of enhancing financial knowledge, particularly among individuals involved with cryptocurrencies. He also suggested staying informed about the most recent advancements in technology and finance to remain current.

It’s crucial for the younger generation to grasp financial knowledge, particularly about cryptocurrencies, as this will enable them to make wise investment decisions and steer clear of potential financial pitfalls.

As an analyst, I’ve recently uncovered some fascinating insights from a report titled “The Indonesia Millennial and Gen Z Report 2024.” Remarkably, this survey found that about 38% of the millennials and 41% of Gen Z Indonesians establish a monthly financial budget. Additionally, it was disclosed that a significant portion, comprising 32% of millennials and 26% of Gen Z, earmark funds for investing in both traditional assets and cryptocurrency.

Bitcoin (BTC) Price Analysis

During the current trading session, Bitcoin (BTC) has experienced a remarkable surge, climbing over 5% and approaching $72,000. Market analysts are optimistic about reaching a new record high as markets show signs of improvement as the US elections approach. As per TradingView data, BTC reached a peak of $71,335 earlier today and is currently trading around the $71,000 level. This latest bull run in Bitcoin seems to be fueled by institutional investors, as evidenced by an increase in investments into spot Bitcoin ETFs. According to CoinShares, the week ending October 25 saw net inflows of $920 million, bringing the total for the year to a mind-boggling $25 billion.

Despite Bitcoin experiencing significant volatility in recent weeks leading up to the election, several positive macroeconomic factors have emerged, boosting its prospects. The current US political landscape appears favorable for Bitcoin, with prediction markets indicating Donald Trump has a substantial lead over Kamala Harris, although traditional polls suggest a closer race. Analysts believe that Bitcoin has moved past a lengthy consolidation phase, and there’s a possibility of reaching a new all-time high in the near future.

Over the past week, Bitcoin (BTC) found it challenging to break through the resistance level at around $68,000. On Wednesday, it dipped to a daily low of $65,234 before bouncing back on Thursday and reaching $68,167, marking an increase of 2.28%. Yet, BTC couldn’t hold this level and slipped into the red again on Friday, dropping to $66,816, a nearly 2% decrease. The intraday low for the day was at $66,499. However, as market sentiment started changing over the weekend, buyers re-entered the market, leading to a slight increase in BTC on Saturday and a more substantial rise of 1.22% on Sunday, with BTC closing at $67,972.

On Monday, Bitcoin (BTC) surpassed $68,000 as markets rebounded strongly, increasing nearly 3% to close at $69,761, just short of $70,000. During this session, BTC went beyond $70,000, reaching a peak of $71,335 before slightly dropping. Currently, it’s up by 1.65% and trading near $71,000. The Moving Average Convergence Divergence (MACD) has shifted to a bullish trend, suggesting that the bulls are in control. If buying pressure continues, BTC might aim for $73,000 and even set a new record high if economic factors continue to favor it.

The trends in market indicators indicate a substantial rise in price, as the price keeps reaching new highs, implying robust optimism among buyers. Yet, the Relative Strength Index (RSI) is approaching the region of being overbought, which might lead to a temporary drop in value before Bitcoin continues its upward trend.

Ethereum (ETH) Price Analysis

This week, Ethereum (ETH) has bounced back significantly, propelled by optimistic market feelings, currently standing at a 5.37% increase as it aims to return to the $2,700 mark. Earlier in the week, ETH experienced a significant drop after failing to surpass $2,700, plummeting nearly 3% at the start of the previous week. By midweek, it dipped below its 20-day Simple Moving Average (SMA), reaching a low of $2,451 before rebounding and ending the day at $2,522 following a 3.74% decline. Buyers made an effort to recover on Thursday but were unsuccessful in pushing above the 20-day SMA, with ETH only registering a slight increase and finishing the day at $2,535. Pessimism resurfaced on Friday as ETH dropped almost 4%, slipping below its 50-day SMA and $2,500 to close at $2,438.

Initially, sentiment was bearish, but over the weekend, ETH started showing signs of recovery by rising 1.71% to reach $2,480. The upward trend continued on Sunday as well, with a further increase of 1.04%, pushing ETH above its 50-day Simple Moving Average (SMA) and the $2,500 mark to settle at $2,505. As we moved into this week, bullish sentiment intensified, driving ETH beyond its 20-day SMA following a 2.43% increase, settling at $2,566. During the current session, ETH regained $2,600 with nearly a 2% rise to around $2,612. If the bullish trend persists, we might see ETH pushing higher towards the resistance at $2,700, potentially breaking through to reach $2,850. Conversely, if sellers regain control, ETH could fall back below $2,500.

Solana (SOL) Price Analysis

Solana (SOL) is approaching a potential leap over $180, as its recovery following a Friday dip to $159 remains robust. Last week, SOL displayed a generally optimistic trend despite an initial surge in volatility. By midweek, SOL had managed to overcome its volatility and reached $170 after recording nearly a 2% increase. The bullish momentum continued on Thursday with a 3.71% rise, pushing SOL towards $177, aiming for the $180 mark. However, the break above this level didn’t happen as bearish sentiments resurfaced in the market on Friday. As a consequence, SOL fell to a low of $159 before recovering and closing at $164 – a significant drop of almost 7%.

The weekend saw buyers return to the market as SOL registered an increase of 3.59% despite considerable volatility and settled at $170. Buyers continued to maintain control of the session on Sunday and SOL registered an increase of 3.41% and settled at $176. Sellers attempted to take control on Monday as SOL dropped to a low of $172. However, buyers countered the selling pressure and SOL registered an increase of 0.98% to settle at $178. The current session sees SOL up by just under 1%, as buyers look to push above $180. If SOL can push and stay above this level, a move to $200 could materialize if markets remain bullish. For now, bears are defending $180 fiercely. While the MACD is bullish, the RSI is getting close to the overbought zone, hinting at a marginal decline in the short term.

Dogwifhat (WIF) Price Analysis

Dogewithhats (WIF) is having difficulty surpassing its 20-day Simple Moving Average (SMA), as significant selling pressure has been driving this popular Solana meme coin down to a low of $2.24 on Monday. In the price chart, we can see that WIF dipped beneath the 20-day SMA last Tuesday when it fell below $2.50 to $2.41. It bounced back somewhat, rising by 3.70% on Wednesday and 1.95% on Thursday to reach $2.55. However, this upward trend did not last, as WIF failed to exceed the 20-day SMA, resulting in a significant drop of nearly 10% on Friday, leaving it at $2.31.

Over the weekend, WIF saw a significant increase in value thanks to a rise of more than 2% on Saturday, taking its price to $2.35. This growth continued on Sunday with an additional 5.50%, reaching $2.48. However, on Monday, WIF failed to maintain this momentum and fell below the 20-day SMA, leading to a decline that saw it drop as low as $2.24 during the day. Despite this setback, buyers managed to push the price back above the 200-day SMA, resulting in a close of 0.96% lower at $2.46. Bullish sentiment was noticeable throughout the weekend, but WIF’s inability to surpass the 20-day SMA on Monday raised concerns.

The current session sees WIF up by almost 7%, having pushed above the 20-day SMA and $2.50. The popular meme coin is currently trading at $2.64.

Chainlink (LINK) Price Analysis

After experiencing a significant drop the previous week and dipping below critical support levels and the 20 and 50-day Simple Moving Averages (SMAs), Chainlink (LINK) has made a comeback. LINK experienced a sharp decline on Wednesday, dropping by 5.52% to $11.31. It also reached a daily low of $11 but rebounded due to increased demand at lower levels. The price rose on Thursday, increasing by 2.61%, but fell back into negative territory on Friday, plummeting over 4% and dropping below the 20 and 50-day SMAs to settle at $11.11. Sellers pushed LINK down to an intraday low of $10.80, with volatility also spiking significantly, but once again, it managed to recover due to strong demand at lower levels.

Over the weekend, I observed a consistent downtrend in the value of LINK, with a drop of 1.13% on Saturday and a minor decrease on Sunday that left the token ending the weekend bearishly at $10.97. The following week started off with LINK dipping to $10.70, but as market sentiments improved, LINK began to recover, registering an almost 2% increase to close the day at $11.18, just below its 20 and 50-day moving averages. Since then, LINK has continued its upward trend, surpassing both the 20 and 50-day moving averages, and currently stands at a price of $11.53, representing an increase of over 3%.

Aptos (APT) Price Analysis

APT’s price is aiming to rise above its 20-day Simple Moving Average (SMA) following a significant drop towards the end of last week, with the cryptocurrency having been stuck in a tight trading range since October 13. Despite multiple attempts, it has struggled to surpass $10.50. On Friday, APT experienced a strong surge in bearish sentiment, causing its price to plummet by over 12%, dipping below $10 and the 20-day SMA to a low of $8.46 before settling at $8.96. However, it rebounded on Saturday with a 3.69% increase, moving above $9 to $9.29. Yet, it fell again on Sunday by 0.97%, ending the week on a bearish note at $9.20.

As a researcher, I observed an intriguing trend in the market yesterday. Initially, sellers attempted to drive the price of APT down towards the $9 mark, reaching an intraday low of $8.70. However, this downtrend was halted by robust lower-level demand, causing APT to rebound and surpass $9 yet again, ending the day at $9.21 following a slight upward movement.

Fantom (FTM) Price Analysis

Since the weekend, Fantom (FTM) has experienced a notable surge in value due to a combination of Bitcoin’s recent price fluctuations and various macroeconomic elements affecting the market. On Wednesday, FTM dipped slightly below its 20-day Simple Moving Average (SMA), following a decrease of about 3% that brought the price down to $0.68. Attempts to recover were made on Thursday, but the price failed to surpass the 20-day SMA, resulting in minimal growth. Pessimism intensified significantly on Friday as FTM plummeted nearly 10%, dropping below the 50-day SMA and reaching a low of $0.58 before stabilizing at $0.62.

Over the weekend, there was a shift in market opinion towards FTM, resulting in a 3.45% rise on Saturday, pushing its value above the 50-day Simple Moving Average to $0.64. On Sunday, the growth was more pronounced with a 6.56% increase, taking the price up to $0.68. However, even with this significant surge, buyers failed to exceed the 20-day SMA. On Monday, sellers tried to take charge, driving FTM down to a daily low of $0.65. Buyers responded to the selling pressure and managed to push FTM slightly higher by 0.56%. Currently, in today’s trading session, FTM is up by more than 3% and is trading above the 20-day SMA at $0.70.

2024-10-29 15:03