30s Summary

Bitcoin is approaching its all-time high of $73,800, with underlying factors indicating a possible stronger bull-run. The reasons include the end of a 7-month downturn, breaking through resistance and leaving short-sellers behind, leading 60% of the crypto market, surging interest in Bitcoin, earnings from trading and the increased expectation of a crypto-friendly Trump administration. In addition, more than $3.8 billion has been invested in Bitcoin ETFs in the last two weeks, suggesting a bright future performance.

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Bitcoin (BTC) is racing towards its all-time high at $73,800. But what’s special this time is the underlying factors suggesting that the Bitcoin market might be gearing up for an even better bull-run.

Here are six reasons suggesting Bitcoin may exceed its own record:

1. **Goodbye to a 7-Month Downswing:** Bitcoin has impressively escaped its long-standing low-output phase, inspiring traders to target bigger goals. The range for new goals is anywhere between $85,000 and $160,000, as highlighted by experienced trader Peter Brandt.

2. **Busting Through Resistance and Leaving Short-Sellers High and Dry:** Bitcoin smashed through a long-existing sell limit of $65,000 to $71,000, leaving short-sellers high and dry, making them rethink prudence.

3. **Dominating 60% of the Crypto Market:** Bitcoin, boasting 60% of the total crypto market, suggests that Bitcoin’s relevance in the market has improved since March 2021. So if you’re waiting for the right time to invest, many say it’s now!

4. **A Spiking Interest in Bitcoin:** A soaring interest in Bitcoin, which went all the way up to $43.6 billion, suggests positive investor sentiment.

5. **Trading Perks: Contango and Ever-Increasing CME Futures:** Bitcoin market experienced contango in the last two days, meaning future prices were outdoing current prices! Coupled with it, CME futures also hit a new high of $74,485 on October 29th.

6. **Traders Betting on a Crypto-friendly Presidency:** Bitcoin futures markets depict a strong enthusiasm for potential gains, suggesting traders are positioning for a speculated Trump victory in elections. The expectation is likely to lead to a Bitcoin-friendly administration.

On top of these solid indicators, funds flowing into Bitcoin ETFs (Exchange Traded Funds) have shot up during the last two weeks, with more than $3.8 billion being injected. These positive signs hinting at a stellar future performance could be the green light for riskier moves – so watch out, Bitcoin may be in for a joyride!

Source: Cointelegraph