An analysis
Bitcoin Price Analysis: Short-Term Investors Set to Drive BTC Toward $75,000
Bitcoin’s bullish run continues, recently hitting a two-month high of $68,900. On October 20, 2024, Bitcoin (BTC) traded at $68,388, marking a 9% gain over the past week.
This surge has fueled optimism that Bitcoin could soon reach new all-time highs, driven by favorable factors such as the outcome of the U.S. election and growing inflows into spot Bitcoin ETFs.
Short-Term Investors May Slow Bitcoin’s Rise
Despite the bullish momentum, short-term Bitcoin holders—those who typically hold BTC for one to three months—could influence the path to $75,000.
Data from CryptoQuant reveals that these holders began selling as Bitcoin approached $69,000, engaging in profit-taking behavior.
This activity could create resistance around this price level, potentially hindering Bitcoin’s climb.
