Bitcoin Surges Past $71K: Analysts Predict New All-Time Highs
Bitcoin surges past $71,000, marking its highest level since June 2024. Analysts forecast new all-time highs driven by rising institutional demand, U.S. political developments, and strong technical indicators. Could Bitcoin break its $73,750 record this week?
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10/29/20243 min read
Bitcoin Surges Past $71K: Analysts Predict New All-Time Highs
Disclosure: This article is for educational purposes only and does not constitute investment advice.
Bitcoin has broken past the $71,000 mark, reaching its highest level since June 2024. This milestone, achieved on October 29, has ignited fresh optimism among traders, with crypto analysts forecasting that a new all-time high could be just around the corner if the current bullish trend persists.
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Bitcoin’s Latest Rally
Data from crypto.news reveals that Bitcoin has surged nearly 5% over the past 24 hours, with its price reaching $71,267. This comes after several weeks of sideways trading, with analysts attributing the rise to a combination of technical factors and market sentiment.
James Butterfill, Head of Research at CoinShares, noted that recent Bitcoin price action has been heavily influenced by the U.S. political landscape. "With the U.S. presidential elections approaching in early November, there has been a noticeable shift in crypto inflows," Butterfill explained. "The increase in inflows appears to be linked to the rise in Republican polling numbers, sparking bullish sentiment among traders."
Analyst Predictions: New All-Time High Imminent?
Renowned crypto strategist Michael van de Poppe took to social media platform X (formerly Twitter), expressing his optimism about Bitcoin’s trajectory. "Bitcoin is currently trading close to the 'sweet spot,' up nearly 10% from its recent lows. If this momentum continues, we could see a new all-time high this week," van de Poppe tweeted. The current record high for Bitcoin stands at $73,750, reached in March 2024.
Van de Poppe further emphasized that the upcoming week, known as "unemployment week," typically sees heightened volatility in the markets. "The first week of each month often brings significant market movements, and this one could be pivotal for Bitcoin’s upward trajectory," he added.
Institutional Demand Driving the Surge
In addition to bullish technical indicators, there’s been a significant increase in institutional demand for Bitcoin in 2024. According to CryptoQuant CEO Ki Young Ju, spot Bitcoin exchange-traded funds (ETFs) in the U.S. have seen net inflows of around 278,000 BTC since their launch in January, with 80% of inflows originating from retail investors.
Meanwhile, institutional accumulation has surged, with whale addresses—those holding at least 1,000 BTC—recording an inflow of 670,000 BTC over the past year. "In custodial wallets, institutional demand is twice that of retail," Ki Young Ju noted. This trend indicates that larger players are positioning themselves for a potential rally to new highs.
Key Factors Driving Bitcoin’s Momentum
Political Climate in the U.S.:
The anticipation surrounding the U.S. presidential elections has brought renewed attention to Bitcoin, with investors seeing it as a hedge against political uncertainty.
Institutional Adoption:
The growing demand from institutional players, particularly through spot Bitcoin ETFs, has contributed significantly to the recent rally.
On-Chain Metrics:
Whale accumulation and high trading volumes across spot and derivatives markets suggest strong investor confidence.
What’s Next for Bitcoin?
While Bitcoin’s current trajectory suggests that it could test its March all-time high of $73,750, potential headwinds remain. Broader market volatility, unexpected regulatory developments, or sudden changes in macroeconomic indicators could slow its momentum.
Still, analysts remain optimistic. "If Bitcoin can maintain support above the $71,000 mark, the next target is clear: breaking its all-time high and setting new records," van de Poppe concluded.
Read More:
CoinShares: How U.S. Politics Impacted $901M Inflows into Crypto Funds
CryptoQuant Report: Institutional Demand for Bitcoin Surges in 2024