The bullish trend of Bitcoin continues for another day, breaking the $73,000 barrier, as some market conditions seem to favor the world's largest cryptocurrency. According to data, Bitcoin rose 6% to $73,544 by the end of Tuesday, the highest market price since March 14. With this latest price increase, Bitcoin's gain in October has risen 13%, better than the best-performing coins in the S&P with an average increase of 1%.
In addition to Bitcoin, other leading digital assets also show strength, with Ethereum rising 4% and Binance Coin increasing 2%. With significant inflows into Bitcoin ETFs in recent days and the U.S. elections just days away, many expect Bitcoin's price to rise even further.
Upcoming price increase of Bitcoin
Bitcoin surged to $73,500 during U.S. trading hours on Tuesday, nearly reaching the all-time high set on March 14. However, some developments and favorable market conditions may help push Bitcoin higher in the coming days.
First, Bitcoin has finally broken a seven-month downtrend. For weeks, the leading cryptocurrency has consolidated just above $68,000, and this stability has prompted traders and investors to push the price.
Just this Monday, Bitcoin surpassed the psychological support level of $70,000 before receiving a bigger boost from inflows from ETFs and whale trading. Many market analysts, including experienced trader Peter Brandt, have set even bolder targets: Bitcoin will soon reach $94,000 to $160,000.
Institutional interest in Bitcoin is on the rise
Large inflows continue to pour into Bitcoin exchange-traded funds approved in January, playing a key role in the recent surge of the cryptocurrency. Based on Bernstein's data, in recent months, top BTC ETFs have attracted billions of dollars from businesses and institutional investors. The total assets under management of these funds as of October 28 have exceeded $68 billion and are likely to continue to rise.
Then, with about $43 billion in profit, curiosity about cryptocurrency futures has also increased. This increase in trading volume indicates a positive attitude from traders and demonstrates the growing interest of market participants.
All eyes are on the U.S. elections
Perhaps the biggest motivation driving the price of Bitcoin is the upcoming U.S. elections scheduled for next Tuesday. The price increase coincides with the growing possibility of Trump winning the presidential election.
Initially a 'cryptocurrency skeptic', Republican candidate Trump has emerged as a supporter of cryptocurrency and Bitcoin, calling for a strategic reserve of this cryptocurrency for the country.
All these factors have contributed to the recent surge in Bitcoin's price and could potentially take this leading cryptocurrency to new record highs.
