Bitcoin has been on a remarkable rally, surging from $65,000 to over $73,000, placing it within reach of its all-time high (ATH) of $73,750. Major altcoins like Dogecoin (DOGE) and Cardano (ADA) are following suit, breaking past resistance levels and adding to the excitement in the crypto market.
With the U.S. presidential election just around the corner, the global crypto market has jumped another 2% in the past 24 hours to $2.42 trillion. This surge, accompanied by a 4.18% rise in 24-hour trading volume to $104.14 billion, reflects growing optimism among investors. Bitcoin’s market dominance has climbed to an impressive 58.75%, positioning it as the center of this historic rally.
Bitcoin Bulls Eye $80K
Currently trading at $72,421, Bitcoin is a mere 2% away from breaking its ATH, creating strong momentum for a potential record-breaking rally. Despite some traders expecting a pullback, the short-term outlook remains bullish: $65 million worth of short positions were liquidated in the past 24 hours alone, underscoring strong upward momentum as longs continue to dominate the market.
Election Influence: The “Trump Trade”
With the 2024 election approaching, many traders are viewing Bitcoin as a “Trump trade,” fueled by the former president’s pro-crypto stance and his promise to position the U.S. as a global leader in the crypto space. Current prediction markets give Trump a slight edge, while polls indicate a tight race against VP Kamala Harris. In contrast, Harris promotes regulatory clarity for crypto, standing in stark opposition to the Biden administration’s cautious approach.
Bitcoin ETF Boom: Record Inflows
The latest boost in BTC price also stems from surging ETF inflows. On October 29 alone, Bitcoin ETFs saw an unprecedented $870 million in net inflows—the largest since June 5. BlackRock’s IBIT fund led the way with a daily inflow of $642.87 million, bringing its total inflow to nearly $25 billion, followed by Fidelity’s FBTC, which saw $133.86 million in inflows. The options market has also become a hotspot, with $80K calls for Bitcoin gaining traction as Election Day approaches.
The current bull flag breakout on Bitcoin’s chart suggests that a new ATH might just be days away, possibly setting the stage for BTC to hit $80,000 by the end of November. With robust investor interest, ETF inflows, and political momentum, Bitcoin’s long-awaited journey to a six-figure valuation might be closer than ever.
Disclaimer: This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.