CandleFocus Bitcoin soars above $71k, crypto analyst predicts a new all- time high
2024-10-29
Author: Content Editor
The price of Bitcoin has surpassed $71,000 for the first time since June 2024, and a crypto analyst predicts it will reach a new all-time high if the upward trend continues. The increase in Bitcoin's price is attributed to the state of US politics, particularly with the presidential elections approaching. The head of research at CoinShares suggests that the recent surge in Bitcoin inflows is likely connected to the increase in Republican polls. Another analyst argues that Bitcoin is close to a 10% increase, which he refers to as the "sweet spot," and believes it has the potential to reach a new all-time high in the coming week. Additionally, there has been a rise in institutional demand for Bitcoin and significant inflows into Bitcoin exchange-traded funds.
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