With the cryptocurrency market cap hitting $2.25 trillion, the bullish week saw Bitcoin surpass the $67,000 mark. This was the first time since July 29 that BTC's price crossed $67,000.
As the BTC price recovery accelerates, the likelihood of a new record high is increasing during this October rally. Amid such hype and optimism, here are five things you should know about Bitcoin as it heads for a new record high.
Bitcoin Price Breaks Channel
On the daily chart, BTC price action shows a breakout of a high supply resistance trendline. With the third bullish candle preparing, the largest cryptocurrency has gained 7.03%. Meanwhile, Bitcoin's weekly gain is $14.33 from a 7-day low of $58,867.
Taking the double bottom reversal from the 200-day EMA, the rally in Bitcoin marks a channel breakout forming a larger Bullish pattern. As the rally heads towards the 78.60% Fibonacci level at $69,471, the Bullish momentum is picking up.
With the 50-day EMA rising and the RSI reaching the 70% overbought boundary, the chances of the uptrend continuing are higher. However, there could be a minor pullback to retest the broken trendline.
Based on the Fibonacci levels, the upside potential could reach the previous all-time high of $73,794. With a breakout possible, the upcoming price targets for the largest cryptocurrency are $79,028 and $85,832.
Bitcoin ETFs See $926 Million Net Inflows in 3 Days
As Bitcoin's bull run accelerates, the US Bitcoin ETF market saw its third consecutive day of inflows, with a total net inflow of $253 million on Monday, followed by $555 million on Tuesday. As a result, ETFs accounted for a net inflow of ~$926 million over the three days.
On October 15, Bitcoin spot ETFs recorded inflows of $371 million. Currently, US Bitcoin spot ETFs hold a total net asset value of $63.13 billion or 4.80% of the total Bitcoin supply. Among the top performers, BlackRock’s IBIT Markets saw inflows of $288.84 million yesterday.
IBIT currently holds $25.06 billion in Bitcoin, making it the largest Bitcoin spot ETF in the United States. Grayscale holds $14.74 billion and Fidelity holds $12.31 billion.
Bitcoin Whales Continue Buying
Whales continue to accumulate as bullish sentiment around Bitcoin continues to grow. Over the past week, institutional wallets, excluding miners and exchanges, have purchased more than 67,000 coins in the past 30-day period, surpassing more than 3.9 billion Bitcoin.
Based on data from CryptoQuant, as whales accumulate on Coinbase and Bitfinex, Binance and Bybit continue to be mostly short. The disparity reflects a move where large investors continue to absorb funds while retail investors are exhausted.
As whales continue to buy, BTC price is expected to increase with the support of institutions building their positions.
Speculation on the price increase in the derivatives market
As BTC price is making a comeback in the derivatives market, Bitcoin open interest has reached $38.45 billion. With $77.19 million in positions liquidated in the past 24 hours, $52.61 million was liquidated from the short side.
Thus, the bears suffered a setback against Binance. Furthermore, Binance top traders reflected a buy/sell ratio based on positions that crossed the 1.18 mark, reflecting that top traders are speculating on an upcoming bullish move.
Analyst Targets BTC Price to Reach $86,600
Supporting Bitcoin's upcoming bullish trend, Martinez Ali, a cryptocurrency analyst, recently shared that BTC price is likely to hit a local top of $86,600.
However, the prerequisite for this new record high would require Bitcoin to surpass the $67,400 mark. Currently, Bitcoin price is trading at $67,238.
Curious to know if Bitcoin will hit $100,000 by 2024? Find the answer based on technical and logical grounds in Coinpedia's BTC price prediction for 2024 to 2030!
