Bitcoin reached $72,500, its highest since October, and only 3% away from its record value. This recent rally has revived expectations for a new record high, with market observers asking whether BTC can look for new highs of nearly $73,750 by the end of October. At the beginning of the month, they predicted that Bitcoin could reach $70,000 by the end of October. As the cryptocurrency skyrocketed in the past few days due to positive signs, certain people think the next all-time high is not too far off.
Speculation About The Upcoming U.S Election Buoys Crypto
The advanced volatility is partially blamed on Bitcoin because of the increasing uncertainty surrounding the US election. In the polls against opponent Kamala Harris, a Democrat, Republican candidate Donald Trump has improved big times, especially with the coming election slated for November 5. Trump, who has portrayed himself as a supporter of cryptocurrencies, has encouraged investors to favorable industry regulation. Betting markets are now skewed in his direction, further bolstering Bitcoin’s recent trend.
Encouraging Technical Signals Supportively Located Uptrend
Bitcoin indicators are now bullish, affirming the prospect of registering further advances. More recently, the 50-day moving average has crossed over the 200-day moving average, making a ‘golden cross’ pattern, which is a buy signal to most traders. Besides, interest in BTC is rapidly growing, and finally getting out of the long-term downtrend channel, targets $73,750, and if. Inter analysts expect to reach $80K, with $100K potentially attainable.
Growing Wallet Profits Due To FOMO Drive Demand
There is the Fear and Greed index, which monitors market sentiment. Recently, it has reached 72 and has been marked “Greed.” This is the highest level since July, and with wallet profitability on the rise, several BTCunos were reportedly bearish about selling, thus increasing optimism about the rally. According to data shared by Blockchain analytics firm Into the Block, 98% of Bitcoin investors are profitable, while only 1.26 percent are now at Breakeven.
Institutional Investors Fuel Record Pile into Bitcoin ETF
Technological coins have been receiving inflows in the past two weeks, with Bitcoin ETFs receiving a whopping $3 billion. Its biggest contributor, BlackRock, invested $315m in the country, taking the gross inflows for October 28 to $479m. BlackRock currently has a Bitcoin value of more than 400,000 BTC and is likely to be the largest holder of BTC compared to Satoshi Nakamoto.
Currently, the technical trend is bullish and backed by strong institutional support. Demand keeps spiraling due to FOMO as BTC fans or investors wait to see whether BTC will surge to a new record high this week.
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