• Crypto & Funx
• 17 Oct, 2024

Bitcoin price revisited above $71K for the first time since June, signaling the onset of bullish sentiment.

On-chain data shows that whale investors have continued to accumulate more coins ahead of the anticipated parabolic rally.

Less than 72 hours to the end of bullish October, Bitcoin price surged over 4 percent in the past 24 hours to reach a daily range-high of about $71,540 before retracing to around $70,825 on Tuesday during the mid-London session. The flagship coin confirmed the return of bullish sentiment after being trapped in a falling trend for the past seven months.

From a technical standpoint, the only hurdle standing between Bitcoin and a parabolic rally is the resistance range between $71K and $73K. According to veteran trader Peter Brandt, Bitcoin price is well positioned to rally towards the next midterm target of about $94k.

Moreover, Bitcoin price has successfully retested the bullish breakout from a falling logarithmic trend that began in March this year. Following the notable Bitcoin price spike, the altcoin market was followed closely by Ethereum , Solana , and Dogecoin . The sudden crypto pump resulted in more than $228 million getting rekt in the past 24 hours, with over 81 percent involving short traders. As a result, the chances of a short squeeze in the Bitcoin market have significantly spiked, which could lead to a rally beyond $100K in the coming months.

A swing target can also be determined by projecting the Nov 2022 low to Mar 2024 high upwards from Aug 2024 low as shown also on log scaleFor now I think this is a stretchMy rule is one target at a time2/3⬇️? pic.twitter.com/MrMbYzU91t

— Peter Brandt (@PeterLBrandt) October 29, 2024

A swing target can also be determined by projecting the Nov 2022 low to Mar 2024 high upwards from Aug 2024 low as shown also on log scaleFor now I think this is a stretchMy rule is one target at a time2/3⬇️?

— Peter Brandt (@PeterLBrandt)

Top Factors that Helped Bitcoin Price Rally Today

Bitcoin price has been gaining bullish momentum, in the weekly time frame, after establishing a robust support level following the August 5 market crash. The flagship coin has been attempting to mirror the bullish breakout akin to Gold, which is currently in price discovery.

The notable spike in the past 24 hours was majorly driven by the rising demand from institutional investors and several nation-states led by El Salvador. According to the latest market data, the overall supply of Bitcoin on centralized exchanges declined by over 40K in the past four weeks.

The significantly accelerated its overall Bitcoin purchases in the recent past, accounting for over $3.5 billion in the last four weeks. On Monday, the US spot Bitcoin ETFs registered a net cash inflow of more than $479 million, thus currently holding nearly $69 billion in assets under management.

BlackRock’s IBIT led in the ongoing Bitcoin accumulation with about $315 million in cash inflows, thus currently holding over $28.4 billion in net assets under management as of this report.

Bitcoin price has also been reacting to the potential win for the Republican presidential candidate Donald Trump, who has largely identified with the crypto world.

According to market data from Polymatlet, a top-tier decentralized betting platform, Trump has a 66 percent chance of winning next week’s elections.

Meanwhile, the US Fed is expected to initiate another rate cut next week in a bid to strengthen the economy, which has a long-term bullish impact on Bitcoin.