Bitcoin price pulled back slightly after nearly retesting its all-time high of $73,800 on Oct. 29.
Bitcoin (BTC) trading at $71,800 as crypto analysts predicted an eventual bullish breakout in the coming days.
In an X post, Mando CT, a crypto trader with over 600,000 followers on X and 300,000 on YouTube, predicted that the bull run was gaining momentum. He also noted that bullish sentiments in the crypto industry were “loud and clear.”
$BTC bull run kicks into high gear, gaining momentum faster than light. This cycle will bring us to ATH and beyond. The bullish sentiments are loud and clear! Higher is the only option in my opinion! 👀 🔥 pic.twitter.com/KGgypKy6fO
— MANDO CT (@XMaximist) October 30, 2024
Other analysts have expressed optimism that the coin will continue its strong bull run. In an X post, Peter Brandt, a popular trader, noted that the coin was nearing a breakout, which would be confirmed if the price moves above the key resistance point at $76,000.
There are signs that institutional investors have become more bullish on Bitcoin exchange-traded funds. Data shows that total inflows have jumped to $23.2 billion, with an increase of $870 million on Tuesday, marking the fifth consecutive day of gains.
This trend could continue if Bitcoin continues to rally, as this would lead to more fear of missing out.
Meanwhile, Bitcoin’s rally has been accompanied by rising futures open interest, reaching $44 billion, the highest level on record. Additionally, the crypto fear and greed index has jumped to 67, indicating a “greed” sentiment.
Seasonality is also in Bitcoin’s favor. According to CoinGlass, October and November are historically favorable months for Bitcoin.
Bitcoin futures open interest | Source: CoinGlass
Another potential catalyst is the upcoming U.S. election, in which the prediction market expects Donald Trump to win. Polymarket places his odds of victory at almost 70%.
If he wins, there are indications that the coin will continue rising in the near term. However, as Ripple’s (XRP) Chief Executive Officer Brad Garlinghouse told Bloomberg, cryptocurrencies will likely thrive regardless of the presidential winner.
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Bitcoin price is ripe for more gains
BTC chart by TradingView
Bitcoin has some of the most bullish technicals. On the daily chart, it has formed an inverse head and shoulders pattern, which is often considered a positive sign.
It has also formed a golden cross pattern as the 200-day and 50-day moving averages crossed.
Bitcoin remains above the Ichimoku cloud indicator, which is another positive sign. Therefore, Bitcoin may soon have a strong breakout above its all-time high. If this happens, the next level to watch will be $80,000.
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