Bitcoin Approaches All-Time High as Traders Eye New Price Targets

Uncategorized Dante Raeburn October 29, 2024

Bitcoin Approaches All-Time High as Traders Eye New Price Targets

Bitcoin’s price has surged past $72,000, signaling an impending all-time high. Analysts foresee continued upward movement, driven by macroeconomic factors and trader positioning. Notable price support levels and upcoming U.S. economic data further contribute to the optimism seen in the Bitcoin trading community.

Bitcoin is experiencing a significant price surge, having recently surpassed $72,000, approaching an all-time high (ATH) as of October 29. Following the opening of Wall Street, Bitcoin (BTC) traded at $72,677, marking a nearly 4% increase in value on that day, according to data from Cointelegraph Markets Pro and TradingView. This upward momentum comes after a period of consolidation during the Asia trading session, as bullish traders exerted further pressure on sell-side liquidity. Keith Alan, co-founder of the trading resource Material Indicators, commented on the evolving market dynamics, stating that buyers are positioning themselves for a critical move. He suggested that if the price surpasses $72,000, it could lead to a substantial retreat for bearish traders; however, a retest of support prior to attempting a new ATH is likely. Material Indicators also noted that liquidity bids have gradually increased on exchange order books, particularly just below the $70,000 threshold. Michaël van de Poppe, a trader and analyst, anticipates that Bitcoin will reach a new ATH this week, particularly in light of upcoming U.S. unemployment data. He emphasized, “Taking liquidity above $70K, but I think that Bitcoin is going to make a new ATH this week as it’s Unemployment week.” Josh Rager, another respected trader and analyst, shared a similar sentiment, suggesting that the market is ripe for a return to price discovery, predicting, “Imo eventually expect a break of ATH, then a pullback, then higher.” In a communication to their Telegram subscribers, trading firm QCP Capital identified various macroeconomic and geopolitical factors contributing to Bitcoin’s short- and long-term price strength. Among these factors are the impending U.S. presidential elections and the popularity of spot Bitcoin exchange-traded funds (ETFs), in addition to robust performance in equities markets. QCP Capital highlighted, “Implied volatility for the election expiry has climbed to 64% and is likely to rise further.” They also noted that the current perpetual open interest across exchanges has reached a yearly high, indicating solid positioning for potential upward movement.

The article discusses the recent price movement of Bitcoin, which has recently crossed the $72,000 mark, indicating a robust bullish trend leading toward potential new all-time highs. The analysis involves insights from prominent cryptocurrency traders and analysts who are evaluating market conditions influenced by macroeconomic data, particularly related to U.S. unemployment statistics and political events. The trading dynamics are further impacted by the degree of liquidity available within exchange order books, which suggests strong market interest in Bitcoin due to several upcoming economic indicators and heightened speculative interest surrounding Bitcoin exchange-traded funds.

In conclusion, Bitcoin’s recent price movements suggest an upward trajectory with strong potential for reaching new all-time highs in the near future. Influential market analysts express optimism regarding BTC’s ability to maintain momentum, particularly around significant economic events such as U.S. unemployment data release and the presidential elections. The technical indicators point toward a robust market positioning, which sustains bullish sentiment, offering the possibility of substantial price developments in the days ahead.

Original Source: cointelegraph.com