The high demand for Bitcoin by institutional investors led by BlackRock’s IBIT, MicroStrategy, and Metaplanet has helped bolster the coin’s bullish sentiment.
After losing the rising momentum last week, Bitcoin BTC $85 408 24h volatility: 2.1% Market cap: $1.69 T Vol. 24h: $27.20 B price opened the last week of October with bullish sentiment. The flagship coin surged around 2 percent in the last 24 hours to trade at about $68,486 on Monday, October 28, during the mid-European session. As the bullish October ends, the odds of Bitcoin kickstarting the next leg of crypto bull run have significantly spiked.
From a technical analysis standpoint, Bitcoin price only needs to consistently close above the resistance range between $70K and $72.7K in order to enter its much anticipated parabolic phase. Since March 2024 to date, Bitcoin price has been consolidating in a similar fashion to last year between March and October.
If history repeats itself, Bitcoin price is well positioned to rally towards a new all-time high (ATH) in the coming weeks and possibly extend in the first half of 2025.
However, if Bitcoin price consistently closes below the established support level of about $66.5K, the bearish outlook will have the upper hand in the short term and could result in further crypto bleeding before an imminent market rebound.
This view has so far proved accurate. Basically, #BTC would lose some momentum after the rally to $68k and only find its new major move after the labor market release this week.
Also note that FOMC/election results are next week.
The cyclical view of #BTC says it should go up… https://t.co/qgzE8TlhTs
— Benjamin Cowen (@intocryptoverse) October 28, 2024
Major Fundamental Factors Favoring Bullish Outlook for Bitcoin Price Ahead
As Coinspeaker explained last week, Bitcoin price has registered palpable growth since the crypto market crash on August 5, fueled by the rising demand from whale investors. In the past four weeks, the supply of Bitcoin on centralized exchanges has declined by more than 40K, worth more than $3 billion.
The notable decline in Bitcoin supply on centralized exchanges in the past seven months to about 2.39 million is majorly attributed to the US spot BTC ETFs. According to the latest market data, the US spot Bitcoin ETTs have registered a net cash inflow of over $3.4 billion in the past three weeks.
BlackRock’s IBIT has continued to lead in notable cash inflows, with the fund registered over $291 million, thus currently holding Bitcoins worth nearly $27 billion.
Bitcoin price is also expected to follow the ongoing Gold bull run that has also impacted major stock indexes.
Next week, the United States voters will decide on the next POTUS for the next four years, with most crypto investors speculating on Republican presidential candidate Donald Trump. According to the latest presidential polls from Polymarket, a leading decentralized prediction market, Trump has a 66 percent chance of winning the elections next week, while his closest challenger Kamala Harris has a 33 percent chance of winning.
Meanwhile, the US Fed is expected to initiate another rate cut next week to bolster the country’s economic outlook. Next week’s Fed’s decision will largely depend on this week’s employment data.
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