2024-10-30 19:30 |
The Bitcoin price is back above $70,000 for the first time in four months, with the ‘Uptober’ rally eventually happening as the month ends. This looks to be the start of significant price rallies for the flagship crypto as the market heads into November, which is also historically bullish.
What To Expect From The Bitcoin Price NextCrypto analyst Ali Martinez has revealed what to expect from the Bitcoin price next, with the crypto back above $70,000. In an X post, he shared Bitcoin’s historical monthly returns with the caption, “Moon-vember is just around the corner!” The analyst was alluding to November, which is historically bullish for the flagship crypto.
The analyst shared Coinglass data, which showed that the Bitcoin price enjoyed considerable gains in November. The flagship crypto has recorded a positive monthly return in November seven times since 2013. Therefore, it is highly likely that BTC will again enjoy a positive return next month.
This also looks feasible, considering that the Bitcoin price is back above the $70,000 resistance level, which the crypto has struggled to break above for a while now. As such, BTC looks primed to retest its current all-time high (ATH) of $73,000 and possibly create a new record high. Martinez predicted that BTC could rise to as high as $78,000 on its next leg up.
Meanwhile, there remains the possibility that the Bitcoin price could even reach its ATH before October ends or at least before the November 5 US presidential elections. The flagship crypto is only about 3% away from its current ATH. Experts like Standard Chartered have also predicted that Bitcoin will hit a new ATH before the US elections.
Factors Driving The BTC RallyThe Bitcoin price is back above $70,000 for several reasons. Market intelligence platform Cryptoquant claimed in a blog post that the rally is driven by massive buying pressure on the Binance exchange. The Spot Bitcoin ETFs are also believed to have contributed to this huge buying pressure and the rally in the Bitcoin price.
These funds have recorded three weeks of consecutive net inflows and look on course to maintain that record this week. SoSoValue data shows that these funds recorded net inflows of $479.35 million on October 29, topping the net inflows of $402 million they recorded at the close of last week.
This massive demand for the Spot Bitcoin ETFs is also significant, considering that they played a huge role in the Bitcoin price rally to its current ATH of $73,000 earlier in March. Meanwhile, the upcoming US election has also played a role in the BTC rally above $70,000, with Donald Trump, who is pro-crypto, currently leading in the polls.
The US election is also one of the primary reasons why the Bitcoin price could enjoy significant gains in November. The aftermath of the election has always been bullish as the flagship crypto rose to a new ATH after the 2016 and 2020 elections.
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