CandleFocus Bitcoin spikes to $71,500, 4% away from all-time high
2024-10-29
Author: Content Editor
Bitcoin has surged over 5% to reach $71,500, moving closer to its all-time high of $73,700. This rally comes as the US presidential election approaches. The increase in price is attributed to various factors including escalating conflict in the Middle East and alleged regulatory scrutiny over Tether. Key metrics such as the Bollinger Bands and Miner Position Index suggest a potential upward trend for Bitcoin. Demand for Bitcoin ETFs remains strong, with approximately $3 billion in net inflows recorded in the last two weeks. Analysts predict that Bitcoin could reach $73,000 by Election Day and potentially surge to $80,000 if Donald Trump wins. Bitfinex analysts also believe the election could be a catalyst for Bitcoin's rally. However, experts suggest that Bitcoin's long-term trajectory is more influenced by fiscal and monetary conditions rather than political leadership.
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