The cryptocurrency market is buzzing with excitement as the overall market capitalization reaches an impressive $2.25 trillion. In a bullish wave witnessed throughout the week, Bitcoin has surged past the $67,000 threshold. This marks the first instance since July 29 that BTC has crossed this significant price point. As the recovery rally gains traction, many are speculating about the potential for Bitcoin to achieve new all-time highs during October. In light of these bullish trends, here are five crucial insights about Bitcoin and its journey towards setting new records.
Bitcoin Price Breaks the Channel
Analyzing the daily chart reveals a crucial breakout for Bitcoin as it surpasses a high-supply resistance trend line. With the formation of a third consecutive bullish candle, Bitcoin’s value has climbed by 7.03%. The weekly gains are notable, with Bitcoin rising $14.33 from its 7-day low of $58,867.
The recent price movement indicates a double-bottom reversal from the 200-day EMA, highlighting a channel breakout that forms a broader bullish pattern. As the recovery rally progresses towards the 78.60% Fibonacci level at $69,471, bullish momentum continues to build. With a noticeable uptick in the 50-day EMA and the RSI nearing the 70% overbought threshold, the likelihood of an ongoing uptrend is high. However, a slight pullback might occur as the market tests the broken trend line.
Leveraging Fibonacci levels, Bitcoin’s upside potential could see it reaching the previous all-time high of $73,794. If a breakout occurs, the projected price targets for the world’s largest cryptocurrency are $79,028 and $85,832.
Bitcoin ETFs Witness $926M Net Inflow in 3 Days
As Bitcoin’s bullish trajectory strengthens, the Bitcoin ETF market in the United States experiences a surge in activity. Over three consecutive days, ETFs have seen substantial inflows, with $253 million added on Monday and $555 million on Tuesday. This results in a total net inflow of approximately $926 million over the three days.
On October 15, Bitcoin’s spot ETF recorded a significant influx of $371 million. At present, U.S. spot Bitcoin ETFs collectively manage a net asset worth of $63.13 billion, representing 4.80% of the total Bitcoin supply. Among the top performers, BlackRock’s IBIT market saw an inflow of $288.84 million, securing its position as the largest U.S. spot ETF for Bitcoin with holdings valued at $25.06 billion. This is followed by Grayscale’s $14.74 billion and Fidelity’s $12.31 billion in Bitcoin assets.
Bitcoin Whales Continue to Buy
In the midst of rising bullish sentiments, Bitcoin whales are actively accumulating more of the digital asset. Over the past week, institutional wallets, excluding those of miners and exchanges, acquired over 67,000 coins in a 30-day span, amounting to more than 3.9 billion Bitcoin.
According to data from CryptoQuant, as whales focus on accumulating Bitcoin on platforms like Coinbase and Bitfinex, exchanges such as Binance and Bybit maintain a predominantly short stance. This disparity highlights a dynamic where significant investors continue to absorb Bitcoin while retail investors show signs of exhaustion. As whales persist in their buying spree, Bitcoin’s price is anticipated to rise, bolstered by institutional players fortifying their positions.
Bullish Speculations Rise in Derivatives Market
The derivatives market is reflecting a resurgence in Bitcoin’s price. Currently, Bitcoin’s open interest stands at $38.45 billion, with $77.19 million worth of positions liquidated in the last 24 hours. Of these, $52.61 million came from the short side.
Binance observes a setback for the selling side. Moreover, the platform’s leading traders show a long-to-short ratio surpassing the 1.18 mark, indicating a positive outlook as top traders anticipate a bullish move ahead.
Analyst Targets BTC Price To Hit $86,600
In support of Bitcoin’s bullish trend, crypto analyst Martinez Ali has predicted that Bitcoin could establish a local peak at $86,600. However, achieving this new all-time high would require Bitcoin to first surpass the $67,400 mark. Currently, Bitcoin is trading at approximately $67,238.
Curious about whether Bitcoin will reach $100,000 in 2024? Discover a technically and logically driven forecast in Coinpedia’s BTC price prediction for 2024 to 2030!
