• Sun. Nov 24th, 2024

Why is Bitcoin Up? Bitcoin Price Targets All-Time High with Strong Momentum

Oct 31, 2024

This week, Bitcoin (BTC) climbed above $72,000, up over 8%, driven by rising investor interest and anticipation of a Republican victory in the upcoming U.S. presidential election.

On October 28, Bitcoin saw $479.4 million in inflows into exchange-traded funds (ETFs), led by BlackRock and ARK Invest. BlackRock alone contributed over $300 million, helping Bitcoin reclaim the $70,000 mark for the first time since June 2024.

Large investors, or “whales,” are showing strong demand, with institutional interest now double that of retail. Bitcoin futures open interest (OI) also reached a record $42.6 billion, indicating strong momentum from bullish traders.

Key Points:

  • Bitcoin needs to close above $76,000 to confirm a breakout.
  • ETF inflows and election speculation are fueling optimism.

Experts believe these trends could push Bitcoin toward a new all-time high soon.

MicroStrategy’s $42B Bitcoin Plan Could Boost Demand and Prices

MicroStrategy has unveiled an ambitious “21/21 plan” to raise up to $42 billion over three years to buy Bitcoin.

The strategy includes gathering $21 billion from stock sales and $21 billion from bonds, potentially allowing the company to acquire around 578,586 Bitcoin—about 2.7% of the total supply.

MicroStrategy’s CEO, Phong Le, stated that this approach aims to enhance the company’s Bitcoin investment returns.

So far, MicroStrategy has seen a 17.8% yield on its Bitcoin holdings in 2024, with projected annual returns of 6% to 10% from 2025 to 2027.

This plan builds on their prior success, including a $1.01 billion bond raise in September.

Key Points:

  • MicroStrategy’s stock has surged over 1,500% since 1999.
  • The large-scale acquisition could drive Bitcoin demand and prices higher.

This strategy underscores MicroStrategy’s long-term confidence in Bitcoin as a core asset.

Record Inflows into BlackRock’s Bitcoin ETF Point to Rising Institutional Demand

BlackRock’s spot Bitcoin ETF, IBIT, saw record-breaking inflows of $875 million on October 30, surpassing its previous high of $849 million in March.

This marked the fund’s 13th consecutive day of positive inflows, bringing total investments to approximately $4.08 billion since its January launch.

The strong inflows highlight increasing institutional interest in Bitcoin through traditional investment channels.

Bitcoin is currently trading at $72,298, close to its March high of $73,679, with optimism fueled by the upcoming U.S. presidential election on November 5.

While other U.S.-listed Bitcoin ETFs saw minimal inflows—only $21.3 million in total—BlackRock’s fund is leading the charge, driving higher trading volume and market confidence.

Key Points:

  • BlackRock’s Bitcoin ETF recorded $3.35 billion in trading volume on Oct 29.
  • Fidelity’s Wise Origin Bitcoin Fund follows, with $12.6 million inflows.

This surge in institutional investment could drive Bitcoin’s price higher, fostering stability and attracting more investors.

Bitcoin Price Could Reach $100,000 by January 2025, Says 10x Research

Analysts at 10x Research forecast that Bitcoin (BTC) could hit $100,000 by January 2025, driven by strong institutional interest, positive market signals, and Bitcoin’s increasing dominance over other cryptocurrencies.

The firm’s prediction model has an impressive accuracy rate of 86.7% over the last 15 signals, with a recent buy signal issued on October 14.

Historically, when Bitcoin reaches a new six-month high, it often sees a median return of 40% within the next three months. Following this trend, BTC could potentially surpass $101,000 by late January.

Key Insights:

  • Bitcoin could see 40% returns if current trends hold.
  • Ethereum’s outlook remains uncertain, with lower returns recently.

This bullish prediction may boost investor confidence, increasing demand for Bitcoin.

Bitcoin Price Tests Key Support at $69,660 Amid Cooling Momentum

Bitcoin’s recent upward trend faces resistance, as it retraces from the 38% Fibonacci level near $70,640. The next immediate support sits around the 50% Fibonacci retracement at $69,660, a pivotal level where buyers may step in.

Should Bitcoin hold above this level, it could retest resistance at $71,850 and potentially target higher levels at $73,800 and $75,070.

However, if BTC drops below $69,660, it may extend losses toward support at $68,670 and $67,280.

The Relative Strength Index (RSI) has fallen to approximately 50, indicating a cooling of recent momentum and signaling potential consolidation or mild pullback.

The 50-day EMA, near $67,000, remains a supportive technical floor in the near term.

  • Key Levels: Immediate support at $69,660; resistance at $71,850.
  • RSI: Around 50, reflecting reduced bullish pressure.
  • Outlook: Potential rebound if BTC sustains $69,660; breakout possible above $71,850.

Pepe Unchained Presale Nears Goal – Secure $PEPU at $0.01199 Before Price Increase

Pepe Unchained ($PEPU) is close to reaching its presale goal, with only hours remaining until the next price increase. Currently, the presale has raised $23.8 million out of a target of $24.3 million with each $PEPU token priced at $0.01199.

With less than 10 hours to go, now is an ideal time to lock in this price before it goes up.

Why Invest in Pepe Unchained?

  • Presale Advantage: Early investors can secure $PEPU at a lower price before it increases.
  • Passive Income Opportunity: The staking feature offers an impressive 499% APY, making it ideal for generating passive income.
  • Investor Confidence: With 321 million $PEPU tokens staked, the project has strong backing from the investor community.

Pepe Unchained’s smart contract has undergone thorough audits by Coinsult and SolidProof, ensuring security and transparency. Purchasing $PEPU is easy, with options to use ETH, USDT, BNB, or credit card.

With the presale nearing its end, now is the time to secure your investment in $PEPU and potentially grow your portfolio. Don’t miss out on buying $PEPU before the price increase!

Buy PEPU Here

The post Why is Bitcoin Up? Bitcoin Price Targets All-Time High with Strong Momentum appeared first on Cryptonews.


#PriceAnalysis #Bitcoin #Cryptocurrency
[Source: CryptoNews]

Related Post