2024-10-30 22:41 |
Is it going to happen? Bitcoin has jumped to $73,500 and is now tantalizingly close to a new Bitcoin all-time high.
Source: Brave New Coin Bitcoin Liquid Index
This week’s bullishness is due to a number of macroeconomic and political shifts. With major central banks, particularly in the U.S. and Europe, pivoting to rate-cutting cycles—investors are returning to risk assets.
Renewed inflows into U.S.-based spot Bitcoin ETFs add another layer, with a staggering $920 million entering Bitcoin funds just last week. This brings the year-to-date inflows to a $25.4 billion.
Finally, markets appear to be pricing in a potential Trump win, leading to the current market-wide Trump Pump.
In the coming days, major U.S. economic indicators will roll out, including Q3 GDP, nonfarm payrolls, and the Personal Consumption Expenditures (PCE) index.
The U.S. Presidential Election is set for Nov. 5, followed by a crucial Federal Reserve meeting on Nov. 6—events that are likely to have a significant impact on risk assets, including crypto. Currently, CME Group’s FedWatch Tool suggests a strong 95.1% likelihood of a 0.25% interest rate cut, highlighting the market’s high anticipation for policy shifts.
Rekt Capital tweeted several charts in succession to provide his views of the current breakout, and what needs to happen next for Bitcoin to follow through with bullish continuation.
That’s a phenomenal Bull Flag breakout
Bitcoin is one Weekly Close above $71500 (red) away from confirming a breakout from the multi-month ReAccumulation Range
A Monthly Candle Close just like this would be Bitcoin’s highest Monthly Candle Close of all-time
Without a shadow of a doubt, we’re witnessing history in the making before our very eyes
Source: X
Meanwhile, Bitcoin dominance is at a high of 60%, the highest it has been in years, as Bitcoin continues to out-perform alt coins, traders are returning to Bitcoin.
Source: X
Finally, trader and analyst Peter Brandt was bullish, but urged caution, writing on X, When is a breakout really a breakout? Bitcoin bulls should be excited – but there are rules to determine breakouts.
Diagonal patterns with slanted boundary lines are difficult to trade because the nicking of a boundary line — while exciting to bulls — does NOT represent a breakout
To be considered a “for real” breakout, price on the daily chart MUST close above 76,000 (ATR close above Mar high) and be confirmed on a Sunday evening at midnight UTC
Looking at a weekly chart, this advance has only nicked important chart points
Lots of work still needs to be done. Bitcoin bulls, be excited, but don’t be dogmatic.”
Source: X
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