Written by: BitpushNews
Financial markets surged on Tuesday, with bullish momentum strong for Bitcoin, gold, and the Nasdaq, while the dollar index and US Treasury yields fell.
The latest data from the US Bureau of Labor Statistics shows that the number of job openings in the US at the end of September was 7.44 million, a decrease from 7.86 million in August, while the August data was also revised down from the initially reported 8.04 million job openings. The Fed Watch tool from the Chicago Mercantile Exchange indicates that the probability of a 25 basis point rate cut in November is close to 99%, while the probability of another 25 basis point cut in December is 74%.
The Nasdaq index climbed to a historical high driven by strong performance in tech stocks, closing up 0.78%, marking a new all-time high. The S&P index also closed higher, up 0.16%, but below the day's high, while the Dow Jones index fell 0.36%.
Spot gold continues its momentum at record highs, reaching $2,775 per ounce before slightly retreating.
According to Bitpush data, during the US stock trading session on that day, Bitcoin once rose to $73,500, just 0.4% away from the historical high of $73,750.07 set on March 14 of this year (according to CoinMarketCap data). As of the time of writing, the trading price of BTC is $72,776, with a 24-hour increase narrowing to 4.19%.
Nearly all of the top 200 altcoins by market capitalization are rising. Among them, Mask Network (MAS) leads with a 19.2% increase, followed by Sui (SUI) and WOO (WOO), which rose 17.1% and 15.7%, respectively.
The overall market capitalization of cryptocurrencies is currently $2.44 trillion, with Bitcoin's market share at 58.9%.
The next phase of the bull market has begun.
Data shows that the open interest at the Chicago Mercantile Exchange (CME) continues to grow, with Bitcoin futures open interest hitting the largest single-day increase since June 3. The total value is now close to $42.6 billion, indicating that institutional investors' interest in Bitcoin is continuously rising. Additionally, since mid-September, the funding rates have been on the rise, reflecting market optimism towards long positions.
In the crypto ETF space, Bitcoin ETFs have attracted a significant influx of funds, totaling $479.4 million, most of which comes from BlackRock. In contrast, Ethereum ETFs experienced a slight outflow of $1.1 million.
Veteran trader Peter Brandt analyzed several scenarios for Bitcoin's future price trends on the X platform, each employing different technical analysis methods.
In the first scenario, one variable is whether to use a semi-log or linear scale. Brandt's data shows that starting from the breakout level on the semi-log chart, BTC could break out of the triangle pattern with a 'moderate trend' and potentially rebound to $94,000.
In the second scenario, Brandt references the price fluctuations between November 2022 and March 2024 and projects them onto future price trends. Using this method, Brandt calculates a potential target price exceeding $200,000. He stated: 'Currently, I think this is a bit exaggerated. My principle is to aim for just one target at a time.'
The third scenario utilizes the symmetry of Bitcoin price trends over time for cyclical analysis. The chart provided by Brandt shows that the next bull market cycle peak could occur in August or September 2025, with a potential target price of $160,000. He stated on X: 'If this trend continues, the next bull market cycle peak should arrive at the end of August / early September 2025, though all these targets could be wrong. Therefore, I always keep risk management in mind while trading.'
Michaël van de Poppe, founder of MN Consultancy, discussed the surge in Bitcoin breaking through $73,000, stating: 'Today's market is not entirely shocking. There is a significant inflow of funds into Bitcoin ETFs. Job vacancies (the first data point) are the worst since April 21. The last data point is the market drivers of yields. If unemployment and the labor market weaken –> yields start to decline –> DeFi rebounds –> ETH rebounds –> altcoins begin to thrive, this is the large Internet bull market cycle we are all looking for.'
He added: 'Technically, this is the situation we are already seeing today, and this is why the reversal is happening. It all depends on macroeconomic data, indicating that we are in the stage of becoming a mature asset class for cryptocurrencies. Huge, relatively infinite upside potential is coming, and most people can't even imagine how big it is.'
Market analyst Keith Alan predicts that this rally will approach historical highs, followed by potential pullbacks. He stated, 'Breaking through $72,000 might cause bears to go into hibernation, but before chasing historical highs, be prepared to retest support levels.'
