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Bitcoin can go ‘parabolic’ with BTC price weekly close above $71.5K — Analysis
Bitcoin could enter a “parabolic phase” if it closes the week above $71,500, according to trader and analyst Rekt Capital. He suggests that after nearly eight months of consolidation, Bitcoin is primed for a significant bull run.
Rekt Capital points out that Bitcoin has spent over 200 days in a re-accumulation phase after its March highs, but now the conditions are ripe for a breakout. A weekly close above $71,500 would mark the end of this phase and the beginning of rapid price gains.
This mirrors Bitcoin’s 2020 breakout when it surpassed $20,000 for the first time after a three-year wait. Despite a delayed surge, Bitcoin’s current cycle is expected to accelerate, potentially reducing the time to reach key bull market targets.
Bullish predictions and stablecoin influx
Bitcoin’s price is currently at $75,200, suggesting that the breakout may already be in motion. Long-term predictions are increasingly bullish, with some forecasting Bitcoin could reach six figures by the end of 2024 or even hit $130,000 in 2025.
Moreover, data from CryptoQuant shows a significant influx of $9.3 billion worth of ERC-20 stablecoins into exchanges following the U.S. presidential election, signaling the possibility of a larger crypto bull run ahead. This marks the second-largest stablecoin deposit since their introduction.
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Trump victory may pave way for $100K Bitcoin by end of 2024
Donald Trump’s win in the U.S. presidential election could trigger a Bitcoin rally above $100,000. Trump’s victory on Nov. 5, after securing key swing states like Pennsylvania, North Carolina, and Georgia, sets the stage for potential Bitcoin price growth, according to Ryan Lee, chief analyst at Bitget Research.
The rise in implied volatility and open interest in Bitcoin futures suggests traders expect significant price moves. With stablecoin market cap hitting $160 billion, there’s potential for leverage to push Bitcoin toward $100,000 within three months.
On Nov. 6, Bitcoin hit a new all-time high of $76,400, coinciding with Trump’s election. His presidency is expected to bring clearer and more crypto-friendly regulations that could boost blockchain innovation.
Republican Congress could favor crypto regulations
With Republicans securing majority control of the Senate, some experts predict more business-friendly regulations. Lee believes this could positively shape the crypto market’s future, fostering long-term growth. However, Trump’s policies could also keep inflation above 3.5% in the medium to long term.
Bitcoin ETFs see $620 million inflows after Trump victory
Post-election, U.S.-based Bitcoin ETFs recorded $621 million in net inflows on Nov. 6, marking one of the largest inflow days since their launch in January. This signals growing Wall Street confidence in Bitcoin, with institutional investors taking long positions in the futures market.
Bitcoin investors are becoming increasingly bullish, with some predicting that Bitcoin will not dip below $60,000 again, according to economist Alex Krüger.
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Why is Solana (SOL) price up today?
Solana’s price surged on Nov. 6, reaching $186, up 13% in 24 hours, as market participants reacted to Republican President Donald Trump’s potential election victory. This rally aligns with broader crypto market gains and strong fundamentals within the Solana ecosystem.
Solana outperforms Ether
The SOL/ETH ratio hit a new all-time high, rising above 0.071, indicating Solana’s increasing strength relative to Ether. This marks a 766% gain from 0.0082 on Jan. 1, 2023, and a 60% year-to-date increase. SOL’s outperformance of Ether is largely due to Solana’s lower gas fees and growing user base, as more people turn to its network.
Solana’s TVL growth
Solana’s total value locked (TVL) jumped by 10%, increasing $650 million in just 24 hours, reaching $6.54 billion on Nov. 5. This represents a 370% increase year-to-date. Solana is outperforming other major layer-1 protocols, with its TVL rising over 20% in the last 30 days compared to Ethereum’s 10% and BNB Chain’s 0.5%.
Solana-based tokens rally
Solana-based tokens, including Dogwifhat, Bonk, Popcat, and Jupiter, have posted significant gains. The total market cap of Solana-based tokens rose from $262 billion to $282 billion between Nov. 5 and Nov. 6, with trading volumes up 140%. This boost in token value supports the bullish sentiment around SOL.
Bullish signals for SOL
Crypto analyst Srigopal Bhattad identified SOL trading above a long-term descending trendline, calling it a bullish signal. If SOL holds above $180, it could target resistance around $200–$220. However, Bhattad cautioned that any drop below $180 might weaken the bullish momentum.
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Bitcoin hits new $75K high as Trump takes early election lead
Bitcoin reached a new all-time high of over $75,000 on Nov. 6, surpassing its previous peak of $73,800 from March. The surge occurred as early US election results showed Donald Trump leading, prompting increased crypto market activity.
Bitcoin rallied by more than 3% to $70,577 at the start of the New York trading session, reflecting rising volatility linked to the elections. By early hours of Nov. 6, it hit $75,000.85 on Coinbase, according to TradingView data.
As of 3:30 am UTC on Nov. 6, the Associated Press reported that Trump had won 198 electoral votes, while Kamala Harris had 112. A candidate needs at least 270 electoral votes to win the presidency.
At the time of writing, Bitcoin was trading at $74,339, up 7.2% in the last 24 hours.
Throughout 2024, traders remained optimistic about Bitcoin’s price potential if Trump won, with both Republican and Democratic candidates adjusting their cryptocurrency regulatory policies. Analyst Tuur Demeester noted that Trump’s lead in early election results might have contributed to the Bitcoin rally.
Bitcoin’s rise linked to Trump’s electoral chances?
Bitcoin’s price seems aligned with Trump’s increasing odds, as seen on the decentralized prediction market Polymarket. On Nov. 5, Bitcoin surged back above $70,000 as Trump’s predicted chances of victory exceeded 60%, while Harris’ chances dropped below 39%.
Bitcoin’s volatility expected post-elections
Despite the record high, traders expect Bitcoin’s volatility to persist. On Nov. 4, a rare instance of significant outflows from Spot Bitcoin ETFs was observed, totaling $541.1 million, as major firms like Fidelity and Grayscale sold. In contrast, BlackRock’s IBIT saw $38.3 million in inflows.
In the Bitcoin options market, traders have been more bullish, particularly for options expiring on Nov. 7, Nov. 15, and Nov. 29, with most bets placed on Bitcoin staying above $72,000 to $75,000. However, some fear a decline, as evidenced by notable purchases of $64,000 puts, reflecting higher risks for market makers if Bitcoin drops.
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3 reasons why Bitcoin price bottom could have been $67.3K
Bitcoin experienced a 6.7% drop from October 31 to November 4, falling below $67,500 for the first time in eight days. This decline triggered the liquidation of over $190 million in leveraged long positions and coincided with the uncertainty surrounding the November 5 U.S. presidential elections. However, three key Bitcoin derivatives metrics suggest that the market is not panicking.
First, the long-to-short ratio of top traders on exchanges, the aggregate BTC futures open interest, and stablecoin demand in China all indicate confidence in Bitcoin’s price recovery. Despite the drop below $67,500 on November 4, whales and market makers on Binance and OKX show no signs of panic. These indicators point to the fact that professional traders remain optimistic, especially about Bitcoin’s longer-term prospects.
Traders are wary of pushing Bitcoin’s price above $70,000, largely due to concerns about regulatory scrutiny if Kamala Harris and the Democratic Party win the election. Crypto trader Crypto Rand notes that Harris’s unclear stance on cryptocurrencies “plants the seed for uncertainty,” which could prove more harmful than clear opposition. While changes in government policies could eventually benefit the crypto industry, they may not be as favorable as the promises made by former President Donald Trump, who has hinted at dismissing SEC Chair Gary Gensler.
The main uncertainty surrounding the U.S. election stems from the focus on “digital assets,” including central bank digital currencies (CBDCs) and tokenized assets. These are distinct from Bitcoin and have minimal impact on its demand. As such, investors are hesitant to push Bitcoin to new highs, regardless of the election outcome.
To assess whether traders are reducing their exposure to Bitcoin, it’s crucial to look at the total Bitcoin futures open interest. A significant decline in this metric would indicate discomfort with market exposure. Currently, Bitcoin’s open interest stands at 582,000, which is 10% higher than on October 4. This suggests that traders are increasing leveraged positions despite recent price fluctuations, pointing to a moderately bullish sentiment.
In China, demand for stablecoins, particularly USD Tether (USDT), remains stable. The USDT trades near its fair value against the USD/CNY exchange rate, showing no signs of stress even in periods of high demand for cryptocurrency outflows. Overall, Bitcoin’s derivatives metrics show resilience, indicating that traders expect the bull market to resume after the U.S. elections.
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BlackRock’s Bitcoin ETF hits record inflow amid crypto market rally
BlackRock’s spot Bitcoin exchange-traded fund (ETF) has achieved its highest inflow day since launch, recording $875 million on October 30 as crypto markets surged. This surpasses the previous high of $849 million set on March 12 and marks the thirteenth consecutive day of inflows, totaling approximately $4.08 billion.
Traders are now speculating about the possibility of a billion-dollar inflow day, with crypto trader Trading Axe emphasizing that this was not just a joke. Another trader, Cozy The Caller, suggested that inflows would exceed $1 billion the day Bitcoin breaks its all-time high.
In contrast, other U.S.-listed spot Bitcoin ETFs combined brought in just $21.3 million, with Fidelity’s fund at $12.6 million and Bitwise Bitcoin ETF experiencing $23.9 million in outflows.
As of now, Bitcoin trades at $72,410, just 1.7% below its all-time high of $73,679. Analysts believe the upcoming U.S. presidential election on November 5 could propel Bitcoin past this high, with Swyftx’s Pav Hundal suggesting that a Donald Trump victory would provide a significant boost.
On October 29, IBIT’s trading volume reached $3.35 billion, its highest since April 1, indicating strong market interest and confirming a sense of FOMO among participants. Reports suggest that U.S. spot Bitcoin ETFs could soon collectively hold 1 million Bitcoin.
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BTC price sets €68K euro all-time high as Bitcoin bulls eye gold next
Bitcoin has achieved an all-time high in euro terms, reaching €67,987 on Binance on October 29. This breakout follows nearly eight months of consolidation, propelled by shifts in dollar strength.
Tuur Demeester, a prominent analyst, noted that the eurozone’s 350 million citizens have experienced a new Bitcoin milestone. The euro is now among several major currencies at all-time lows against Bitcoin, including the Australian and Canadian dollars, as well as the Turkish lira.
The European Central Bank (ECB) has historically been critical of Bitcoin, with a recent paper drawing ridicule from the crypto community. Demeester cautioned that the ECB’s stance could lead to increased taxes or restrictions on Bitcoin.
While Bitcoin has made strides in the euro market, it still faces challenges against gold. Veteran trader Peter Brandt highlighted that Bitcoin remains below its March 2024 high and the double highs of 2021, indicating a lack of progress over the past 42 months.
On the same day, gold also set a dollar all-time high at $2,789.85 per ounce, part of a broader resurgence in risk assets in Q4.
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Bitcoin headed for ‘perfect storm’ to new all-time high — Bitfinex
Analysts from Bitfinex believe that the combination of Donald Trump’s presidential candidacy and favorable market conditions may create a “perfect storm” for Bitcoin, potentially driving it to a new all-time high next month.
In their October 28 report, they highlighted how the uncertainty surrounding the upcoming election, alongside the “Trump trade” narrative and positive Q4 seasonality, could lead to significant price movements for Bitcoin, despite ongoing volatility from geopolitical unrest and macroeconomic issues.
At the time of publication, Bitcoin was priced at $71,086, marking a 4.9% increase over the last 24 hours and the highest level in nearly five months. Bitcoin is now just 3.4% away from its all-time high of $73,700 achieved in March.
The analysts pointed to an increasing correlation between Bitcoin’s price movement and the likelihood of a Trump victory on November 5, with Trump leading Kamala Harris by 30% on the decentralized betting platform Polymarket, although Harris has a slight edge in national polls.
Bitcoin’s price rise coincides with record open interest, which reached $41.7 billion, indicating strong demand for leveraged positions in the asset. Additionally, there has been a notable increase in call options for Bitcoin set for late December, suggesting market positioning for a potential post-election surge that could push prices beyond the current all-time high.
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Why is Dogecoin price up today?
Dogecoin has surged by approximately 7% in the past 24 hours, reaching $0.145, following its mention at a recent Donald Trump rally in New York.
The rally was partly triggered by Elon Musk’s announcement of his plan to save American taxpayers $2 trillion through a new initiative, the “Department of Government Efficiency,” which amusingly shares the initials D.O.G.E. This connection to Dogecoin has spurred buying interest, similar to a previous surge on October 15 when Musk referenced D.O.G.E.
Musk, known as the “Dogefather,” has a history of impacting Dogecoin’s price through his social media influence, with a notable 64,000% rise from March 2020 to May 2021, largely driven by his endorsements.
The current gains also reflect a 14.65% rebound following a golden cross on Dogecoin’s daily chart. This bullish pattern occurs when the 50-day moving average crosses above the 200-day moving average, signaling a shift from bearish to bullish momentum.
As of October 28, DOGE was stabilizing above its 0.382 Fibonacci retracement level at around $0.141. Holding above this support could lead to further targets at $0.156 and $0.171, while a drop below $0.141 might push prices toward the ascending trendline support at approximately $0.122.
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Bitcoin bulls ‘in control’ as long as price holds above $66.5K: Analysts
Bitcoin bulls are maintaining their advantage as long as the price stays above $66,500, with analysts noting that the asset is above all key moving averages. According to a market report by Kraken, this breakout indicates that the bullish trend will continue as long as BTC remains above this critical level.
If Bitcoin can sustain its price above $66,500 and maintain its upward trajectory, the next significant target will be the all-time high of $73,679 set in March. Analysts suggest that breaking above this level could lead to new price discoveries and additional upward momentum.
As of the latest data, Bitcoin’s price is $66,578, reflecting a 1.89% decline since October 25. On that day, the price briefly dropped to $65,700, attributed to uncertainty in the crypto market and rising geopolitical tensions in the Middle East.
Concerns have also emerged regarding a potential bearish engulfing pattern, which could signal caution in the short term. This pattern was noted after a drop on October 21, when Bitcoin fell 3.59%, decreasing from $69,367 to $66,873. Analysts highlighted the relative strength index (RSI), indicating that Bitcoin might be overbought and could face temporary consolidation or a minor pullback.
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Bitcoin must hold this 2021 level as traders see BTC price dip ‘over’
Bitcoin has two critical support levels to maintain as it rebounds from recent lows. According to Keith Alan of Material Indicators, the old top from April 2021, now at $65,000, is pivotal for BTC’s price stability.
After reaching $69,000, Bitcoin retraced to $65,000, marking its lowest level since October 10. However, buyers quickly pushed the price back above $67,000, preventing a test of the key 21-week simple moving average (SMA) at $62,700. Alan emphasized that this level must remain intact to keep the short-term uptrend alive.
The recent dip brought Bitcoin close to its previous all-time high of $64,950 from April 2021. Analysts are now watching closely to see if BTC can hold above this crucial support level through the weekly close.
As market volatility continues ahead of the U.S. presidential election and upcoming Federal Reserve decisions, macroeconomic data releases, including the Purchasing Managers’ Index (PMI) and jobless claims, could influence Bitcoin’s price trajectory. Material Indicators cautioned that a downturn below $65,000 would invalidate their bullish outlook.
Despite the recent volatility, some traders believe the worst may be over. Trader CrypNuevo noted that liquidations caused the price drop but expressed confidence in a recovery. Michaël van de Poppe predicted that Bitcoin could retest its all-time highs within the next month, suggesting the correction has concluded.
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Bitcoin ETF $79M outflow ends 2-week bull run amid ‘sideways’ BTC price
Bitcoin institutional investors have paused their buying spree as BTC price action stabilizes. On October 22, inflows to U.S. spot Bitcoin exchange-traded funds (ETFs) turned negative for the first time in two weeks, with a net outflow of $79.1 million, according to data from Farside Investors.
The decline in demand is reflected in the ARK 21Shares Bitcoin ETF, which saw outflows of $134 million, overshadowing inflows from other products, including BlackRock’s iShares Bitcoin ETF (IBIT), which recorded $43 million.
As Bitcoin’s price hovered around $67,000, popular commentator WhalePanda noted the lack of momentum. This marks a notable shift, as the last time U.S. ETFs experienced net negative flows was on October 10, when they lost $81.1 million.
Despite this recent setback, ETFs have seen a resurgence in interest over the past month. Institutional ownership of these ETFs has reached approximately 20%, with 1,179 institutions entering the Bitcoin market this year. European investors have also contributed over $100 million to U.S. Bitcoin ETFs year-to-date.
In Q3, U.S.-based Bitcoin ETFs saw over $5 billion in net inflows, highlighting strong demand among institutional investors for direct Bitcoin exposure. These ETFs are increasingly recognized as key drivers of liquidity and accessibility in the crypto market.
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BlackRock’s IBIT investors throw $329M into ETF as Bitcoin dips 3%
On October 21, investors in BlackRock’s iShares Bitcoin Trust (IBIT) capitalized on a price dip, injecting $329 million into the fund after Bitcoin dropped 3% in a day. This was the third instance in four trading days that IBIT saw inflows exceeding $300 million.
The Fidelity Wise Origin Bitcoin Fund (FBTC) was the only other U.S. spot Bitcoin ETF to attract inflows, totaling $5.9 million, while other funds experienced zero or negative flows. As of October 21, IBIT surpassed $23 billion in total net inflows, making it the leader among spot Bitcoin ETFs.
Bloomberg ETF analyst Eric Balchunas noted that IBIT recorded the third-largest ETF inflows in 2024, following Vanguard and BlackRock’s S&P 500 index funds. Bitcoin’s price fell to a daily low of $66,975 after struggling to break the $70,000 resistance, impacting a recent ten-day price surge.
Crypto trader Jelle remarked that the market’s slight sell-off was anticipated, while others, like Emperor, suggested a potential pullback to the $62,000 range. The recent price increase had been driven by speculation related to the upcoming U.S. election.
Currently, total net inflows across all spot Bitcoin ETFs stand at $21.2 billion, with over $20 billion attributed to outflows from GBTC. Bitcoin is trading at $67,360, reflecting a 2.2% decline over the past 24 hours.
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Bitcoin open interest exceeds $40B amid brush near $70K
On October 21, open interest on Bitcoin derivatives reached a record high of $40.5 billion, coinciding with BTC nearing the $70,000 mark. Open interest (OI) measures the total value of outstanding futures contracts, indicating significant investment in Bitcoin derivatives. A higher OI often signals increased leverage and potential volatility.
The Chicago Mercantile Exchange (CME) held the largest share of OI at 30.7%, followed by Binance at 20.4% and Bybit at 15%. High open interest can lead to sharp price movements triggering cascading liquidations, which may result in significant drops in the spot market, as seen in August when BTC plummeted nearly 20% in two days.
On October 21, Bitcoin reached $69,380 before being rejected at resistance, settling at $69,033 at the time of publication. It is currently just 6.4% below its all-time high of $73,738. Analysts suggest that a rally above $70,000 could boost altcoins like Ether and Solana, which have recently outperformed BTC, with Ether up 3.5% and Solana 6% on the day.
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XRP may face volatility as market waits for ‘concrete results’ — Analyst
The recent appeal by U.S. regulators regarding Ripple could lead to increased caution among investors towards XRP in the near term. Although the appeal does not contest the ruling that XRP is not a security, it seeks a review of decisions related to Ripple’s sales and those of its executives, adding to the legal uncertainty.
This uncertainty may cause XRP’s price to fluctuate within a 50% range, according to analyst Ryan Lee. He projects XRP will likely trade between $0.50 and $0.80 by year-end, depending heavily on regulatory outcomes and market sentiment in the U.S.
XRP last exceeded $0.80 in March 2022, and its peak this year was $0.71 in March. As of now, XRP is trading at $0.55. Ripple’s legal process may extend into July 2025, which could significantly impact XRP’s valuation.
A favorable ruling could boost XRP’s price, while an unfavorable outcome might lead to declines. The appeal contributes to regulatory ambiguity in the U.S. crypto sector, prompting a more cautious approach from investors.
Additionally, on October 16, Tim McCourt of CME Group noted that significant progress has been made toward XRP exchange-traded funds (ETFs), indicating ongoing developments in the ecosystem.
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Bitcoin open interest tops chart after hitting $75K ‘sweet spot’
Bitcoin’s Open Interest (OI) reached a new all-time high as the price surged to $75,000. The OI, which tracks the total number of unsettled Bitcoin derivative contracts like options and futures, hit $45.41 billion, marking a 13.29% increase since Nov. 5 when Bitcoin surpassed its previous high of $73,800.
OI rises when new long or short positions are opened, indicating more market activity. Currently, $1.26 billion in short positions face liquidation if Bitcoin retraces to the previous high.
At the time of publication, Bitcoin was trading at $75,792, with analysts speculating that the price is in an ideal range for further gains.
More upside ahead?
Veteran trader Peter Brandt believes Bitcoin is in the “sweet spot” of the bull market cycle, with the potential to reach $130K to $150K by next August/September. Despite concerns from some investors about Bitcoin being overvalued at new all-time highs, others remain optimistic.
Crypto analyst Rajat Soni asserts that Bitcoin’s adoption is still in its early stages, making it an undervalued asset. Similarly, CryptoQuant notes that Bitcoin is not “overheated” yet, as its Market Value to Realized Value (MVRV) ratio is far from peak levels. At publication, Bitcoin’s MVRV was 2.19, well below the March 2024 high of 2.87.
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Bitcoin heads to the moon — Watch these BTC price levels next from $75K
Bitcoin is experiencing a price surge, hitting a new record of $75,397 on Binance, fueled by speculation that Donald Trump could win the US presidential election. This has triggered an 8% price increase, as traders focus on key support levels for the ongoing bull market.
Bitcoin bull market support levels in focus
Market analysts are closely watching support levels to maintain the upward momentum. According to Checkmate, founder of Checkonchain, important trend lines for the bull market remain intact, but Bitcoin bulls must defend these levels if selling pressure reappears.
Key support levels to monitor include the 200-day simple moving average (SMA) and short-term holder cost basis (STH-CB), which currently stand at $63,546 and $64,337, respectively. On the order book, liquidity data from CoinGlass shows significant resistance around $75,500, with buyer interest emerging at $73,000 and continuing down to $70,000.
Concerns about post-election volatility
Despite the bullish momentum, there are concerns about the potential for a post-election price correction. Keith Alan, co-founder of Material Indicators, warned that the surge could be short-lived, citing the risk of a “dump and pump” scenario, where BTC could drop to the mid-$60,000 range before recovering toward $70,000.
Material Indicators also noted that the ongoing volatility suggests that the election-related market narratives are losing influence, and Bitcoin’s price could face further fluctuations.
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‘Calm before the storm’ — Bitcoin volatility stalls ahead of US election
Bitcoin’s volatility has stalled as traders await the U.S. election results, with analysts from Bitfinex suggesting it could be the “calm before the storm.” As of November 5, implied volatility for Bitcoin options is in the low 40s, reflecting a lack of confidence in significant price movements. The volatility index reached a three-month high of 65.7 on November 3 but dropped to 63.2 by publication.
CoinGlass data reveals that Bitcoin’s open interest has also decreased, with traders closing large positions ahead of the election. Bitfinex analysts noted that despite expectations for increased volatility before November 5, many market participants are taking a cautious “wait-and-see” approach.
However, a sharp spike in volatility is still anticipated post-election, which could lead to significant price fluctuations or, if absent, signal a deeper correction in Bitcoin’s price.
This aligns with predictions from other market observers, with one trader expecting Bitcoin to swing at least 10% in either direction once the election is decided.
Market signals “apathy” for altcoins
Bitcoin dominance reached over 60% on October 29, highlighting the focus on Bitcoin while altcoins experience a sharp decline. According to Bitfinex, altcoins such as Ether and Solana have dropped by around 12% from their recent highs, with Ether down 40% since its ETF rally.
The speculative interest that once fueled altcoins seems to have waned, with stable funding rates and subdued sentiment. As Bitcoin absorbs most of the capital flow into crypto assets, altcoins struggle to keep up. Without new catalysts, their chances for a near-term recovery seem slim.
Bitcoin’s resilience since its September low suggests that an exciting week lies ahead in the crypto market.
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Dogecoin’s breakout from 3-year channel signals 500% rally potential in
Dogecoin’s price soared over 75% in October, reaching $0.172, its highest since May 2024. This surge is largely attributed to Elon Musk’s comments at a Trump rally, where he unveiled plans for a new agency, echoing the Dogecoin ticker (DOGE).
Currently, Dogecoin is exhibiting a technical pattern suggesting it could potentially reach $1 or more. The cryptocurrency has broken out of a symmetrical triangle pattern that has been in place since April 2021. In technical analysis, such patterns usually lead to price movements in the direction of the previous trend, potentially raising prices significantly.
Historically, Dogecoin’s breakout in late 2020 led to a staggering 31,375% rally. Now, applying similar technical rules, DOGE is targeting $2 in the coming years, with the potential to hit $1 by 2025.
Supporting this bullish outlook is the weekly relative strength index (RSI), which bounced back from a historical support level in July. Such RSI support often precedes sustained rallies, reinforcing the $1–$2 price target if the breakout holds. This would imply a 500-1,000% increase from current levels.
However, if DOGE falls below its triangle’s upper trendline, it may decline toward the $0.09-$0.07 range, aligning with its 50-week EMA and the triangle’s lower trendline.
The Musk-Trump connection could further boost Dogecoin if Trump wins the 2024 election, as both appeal to the same retail base that favors DOGE. Musk’s collaboration with a potential Trump administration on efficiency initiatives, along with the shared “D.O.G.E.” acronym, is likely to amplify Dogecoin’s hype, reminiscent of its previous explosive growth during the 2020-2021 bull market.
Currently, Trump’s odds of winning the 2024 election stand at 64.1%, surpassing Vice President Kamala Harris’s 35.9%.
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Bitcoin analyst sees ‘scary’ BTC price upside as funding flat at $73K
On October 30, Bitcoin hovered below its all-time highs, with market reactions remaining surprisingly calm despite recent price movements. After reaching $73,500 on Bitstamp, BTC consolidated near $72,000, allowing traders to reinforce support.
Daan Crypto Trades noted that Bitcoin has removed all significant lower highs this year except for the all-time high, suggesting a potential retest rather than an immediate breakthrough. Rekt Capital emphasized the importance of the weekly close, indicating that a close above the range high could signal a breakout.
QCP Capital praised Bitcoin’s recent performance, highlighting an 8% rise past the $73K mark, attributed to strong inflows into spot ETFs, geopolitical factors, and the increasing likelihood of Donald Trump’s election as a crypto-friendly candidate. They also pointed out that upcoming U.S. economic data could influence future movements.
Interestingly, funding rates remain flat despite Bitcoin’s near-all-time high, with Binance’s rates almost neutral. Byzantine General remarked on the surprising stability of funding rates in this context, while analyst Miles Deutscher noted the lack of retail interest, suggesting that current market conditions could lead to significant price increases.
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‘FOMO confirmed’ — BlackRock Bitcoin ETF clocks biggest trading day in 6 months
On October 29, the daily trading volume for BlackRock’s Bitcoin exchange-traded fund (ETF) surged to $3.35 billion, marking its highest level in over six months. This spike is seen as panic buying as Bitcoin trades at $72,390, just 2% away from a new all-time high.
Bloomberg ETF analyst Eric Balchunas labeled this activity as “FOMO confirmed,” noting that BlackRock experienced daily inflows of $599.8 million. Overall, the 11 spot Bitcoin ETFs in the U.S. had total inflows of $827 million that day.
Balchunas speculated that the massive trading volume might indicate a surge of speculative buyers or increased activity from arbitrage traders. He suggested that if this was a FOMO frenzy, it would reflect in subsequent inflows. Notably, October 29 was the third highest trading volume day for Bitcoin ETFs since April 1, 2024.
Throughout the day, U.S. spot Bitcoin ETFs saw combined trading volume of $4.64 billion, with BlackRock’s ETF (IBIT) accounting for approximately 38%. Grayscale Bitcoin Trust (GBTC) followed with inflows of $390.32 million.
Despite high trading volume indicating strong liquidity, it doesn’t necessarily reflect new capital entering the funds. IBIT has experienced a steady inflow streak for 12 days, totaling about $3.20 billion since October 10.
Bitcoin also surpassed $70,000 for the first time since June 6, as it has been consolidating between $54,147 and $69,500 since the halving in April. Analyst Matthew Hyland noted that October 29 saw Bitcoin’s second highest daily candle in history.
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Bitcoin headed for ‘perfect storm’ to new all-time high — Bitfinex
Analysts from Bitfinex believe that the combination of Donald Trump’s presidential candidacy and favorable market conditions may create a “perfect storm” for Bitcoin, potentially driving it to a new all-time high next month.
In their October 28 report, they highlighted how the uncertainty surrounding the upcoming election, alongside the “Trump trade” narrative and positive Q4 seasonality, could lead to significant price movements for Bitcoin, despite ongoing volatility from geopolitical unrest and macroeconomic issues.
At the time of publication, Bitcoin was priced at $71,086, marking a 4.9% increase over the last 24 hours and the highest level in nearly five months. Bitcoin is now just 3.4% away from its all-time high of $73,700 achieved in March.
The analysts pointed to an increasing correlation between Bitcoin’s price movement and the likelihood of a Trump victory on November 5, with Trump leading Kamala Harris by 30% on the decentralized betting platform Polymarket, although Harris has a slight edge in national polls.
Bitcoin’s price rise coincides with record open interest, which reached $41.7 billion, indicating strong demand for leveraged positions in the asset. Additionally, there has been a notable increase in call options for Bitcoin set for late December, suggesting market positioning for a potential post-election surge that could push prices beyond the current all-time high.
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BTC price nurses 5% dip amid warning Bitcoin can still ‘flush’ to $60K
On October 26, Bitcoin hovered around $67,000 after a nearly 5% decline. Local lows reached $65,530 on Bitstamp following fresh geopolitical tensions and unverified reports about the stablecoin Tether’s illicit use. Although Tether dismissed the allegations reported by the Wall Street Journal, the conflict between Israel and Iran heightened market caution.
However, analysts pointed to open interest (OI) as a key factor in Bitcoin’s price movement. Many believe the drop was not primarily due to the news but rather the high OI that market makers were trying to clear before pushing prices higher. Data from Glassnode indicated that the one-day OI drop on October 25 was the largest since August, with significant OI levels corresponding to when Bitcoin last traded around $59,000.
Looking ahead, some anticipate a potential decline toward the psychological support level of $60,000. Analysts noted that bulls have attempted to catch a local bottom throughout the week but have faced challenges due to highly leveraged positions. With substantial long positions sitting just below $65,000, losing this level could expose the next support range at $60,000.
Monitoring resource CoinGlass indicated bid liquidity stacked below the current price, suggesting a possible flush to $60,000 before any signs of a local bottom can be confirmed.
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Cardano unlocks $1.3T Bitcoin liquidity with BitcoinOS bridge integration
Cardano is poised to unlock over $1.3 trillion in Bitcoin liquidity for its decentralized finance (DeFi) ecosystem through a new integration with BitcoinOS (BOS), a smart contract platform for Bitcoin.
This integration enables Cardano users to access Bitcoin (BTC) directly and securely, enhancing cross-chain functionality and expanding DeFi opportunities. Key to this collaboration is zero-knowledge (ZK) cryptography, which allows for trustless transactions that integrate BTC assets into Cardano without intermediaries.
The BOS Grail bridge plays a crucial role in this integration, providing a secure connection using the ZK BitSNARK verification protocol. This technology facilitates the bridging of BTC transactions onto Cardano’s blockchain, supporting Cardano-native DeFi projects while maintaining decentralization and security.
Emurgo, the founding entity behind Cardano’s Web3 initiatives, sees this collaboration as a move toward a more interconnected blockchain space. CEO Ken Kodama noted that the integration has the potential to enhance cross-chain capabilities and drive DeFi adoption.
On September 10, BOS teamed up with Merlin Chain to deploy the BitcoinOS Grail bridge, which facilitates cross-chain transactions without centralized trust mechanisms. This bridge establishes a trustless system directly on the Bitcoin blockchain, removing the need for centralized security measures.
Yin, the founder of Merlin Chain, stated that this development marks the beginning of a more interoperable Bitcoin ecosystem.
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Crypto bulls endure second-biggest liquidation day in October
On October 23, crypto bulls faced significant losses, with total liquidations reaching $261 million, marking the second-largest liquidation day in October. Over $203.5 million came from long positions, second only to the $450.8 million liquidated on October 1 when Bitcoin dropped by about 5%.
Ether experienced its biggest liquidation day, with over $77 million liquidated, followed by approximately $58.3 million in Bitcoin call options. This wave of liquidations occurred after Bitcoin failed to maintain momentum near $70,000, dropping to a low of $65,500 before recovering to $67,386.
Ethereum also struggled, recording a 1.7% decline to $2,552 after reaching a high of $2,620 earlier in the day. High transaction fees on the Ethereum network are discouraging activity, which may dampen investor interest in ETH staking.
Despite the volatility, institutional interest in Bitcoin remains strong. On October 23, U.S. spot Bitcoin exchange-traded funds (ETFs) saw a net inflow of $198.5 million, bolstered by a $323.6 million inflow to BlackRock’s iShares Bitcoin Trust ETF. However, this was partially offset by outflows from the ARK 21Shares and Bitwise Bitcoin ETFs.
U.S. Bitcoin ETFs had enjoyed a seven-day inflow streak from October 11 to October 21, adding nearly $2.7 billion, before facing an $87.9 million outflow on October 22.
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Bitcoin analysis sees ‘lower risk aversion’ as retail demand adds 13%
Recent data indicates a resurgence in Bitcoin retail activity, with transactions under $1,000 increasing by 13% as of October 21. This uptick suggests a shift in retail interest, mirroring previous price movements toward all-time highs.
After a significant decline following March’s peak, retail interest had stagnated, but signs of recovery are emerging. CryptoQuant contributor Cauê Oliveira noted that the rise in transaction volume aligns with patterns observed in March, indicating a renewed activity among small investors while larger holders maintained transaction levels.
In the 30 days leading to October 20, Bitcoin’s price rose nearly 10%, corresponding with the increase in smaller transactions. Oliveira emphasized that this trend signals a potential decrease in risk aversion among retail investors.
Despite Bitcoin nearing $69,000, the Coinbase premium remains weak, indicating persistent retail hesitance. While broader market optimism is evident, particularly with the upcoming U.S. elections, the retail sector has yet to fully engage.
Trading firm QCP Capital highlighted that both Bitcoin and Ethereum are approaching critical resistance levels. A breakthrough could attract significant retail interest, bolstered by favorable market conditions.
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Bitcoin hashrate hits all-time high, boosting network security
The Bitcoin hashrate has reached a record high of 769.8 exahashes per second (EH/s) as of October 21, indicating enhanced security for the blockchain network. This consistent upward trend since 2021 is largely driven by advancements in mining hardware, such as application-specific integrated circuits (ASICs).
While a higher hashrate signals increased network security, it also raises mining costs. Coupled with the upcoming 2024 Bitcoin halving, this could lead to consolidation among smaller mining firms, which may struggle to remain profitable.
Nazar Khan, COO of TeraWulf, emphasized that energy-efficient mining equipment is crucial for profitability post-halving. He noted that firms without efficient infrastructure may face significant challenges, while those with low-cost power sources will hold valuable assets.
Despite rising mining difficulty, firms have not significantly increased Bitcoin selling. On October 20, miners sent just 2,916 BTC to centralized exchanges, marking one of the lowest selling days in a month.
Some miner consolidation has already occurred since the May halving, when hashrate dipped to a two-month low. James Butterfill of CoinShares linked this drop to miners shutting down unprofitable rigs.
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Bitcoin teases breakout as ‘FOMO liquidity grab’ keeps $69K in place
On October 19, Bitcoin approached a key breakout level after a “FOMO liquidity grab” was rejected at $69,000. The price action indicated that BTC was consolidating after reaching new three-month highs just shy of this critical level.
Trader Roman noted that low volume and bearish divergences suggested a potential pullback before any significant upward movement. He highlighted a key area of interest at $68,400, which has been crucial since March’s all-time high.
Analyst Rekt Capital emphasized that Bitcoin needs to establish solid support above $68,000. He indicated that a daily close beyond this resistance would be essential for confirming a breakout.
The daily close on October 18 was slightly above $68,400, marking Bitcoin’s highest close since June 10.
In terms of macroeconomic factors, QCP Capital reported positive trends for Bitcoin. They noted strong institutional inflows and a significant increase in Bitcoin’s market cap dominance, which stood at 58.88% at the time. With U.S. equities nearing all-time highs and a weakening Japanese yen, risk-on sentiment is expected to grow, supporting a bullish outlook for Bitcoin.
BTC/USD was up 7.7% for the month, aligning with its performance in September.
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Hong Kong cops clean out alleged $46M deepfake crypto scam
Hong Kong police have arrested 27 individuals linked to a crypto romance investment scam that allegedly defrauded victims of over $46 million using artificial intelligence deepfakes. The scammers employed AI technology to create fake romantic relationships, luring victims into investing in fraudulent cryptocurrency schemes.
The operation, based in a 4,000-square-foot facility in Hung Hom, targeted primarily men from mainland China, Taiwan, India, and Singapore. Police report that the group recruited local university graduates in digital media and hired overseas IT professionals to create a fake investment platform. They also produced training manuals for executing the scams.
The police began their crackdown on October 9, confiscating computers, luxury watches, and over 100 mobile phones from the suspects, who range in age from 21 to 34. They face charges including “conspiracy to defraud” and “possession of offensive weapons.”
This incident follows a similar February case, where deepfake scammers tricked a finance firm employee into transferring over $25 million by impersonating company executives in a video meeting using previously recorded footage.
The rise in crypto scams is alarming; in 2023, scammers reportedly stole $4.6 billion, with romance scams experiencing a significant increase since 2020, according to Chainalysis data.
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