bullish

2024

Bitcoin

<p>Bitcoin’s (BTC) price has steadily gained bullish momentum since the August 5 market crash that sent it plunging below $50,000. In the past 24 hours, BTC surged to a peak of $73,562 before a modest pullback of about 2%, bringing it to roughly $72,196 early on Wednesday, October 30, in the European session.</p>   
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin</a> is now challenging its final major resistance level, which, if surpassed, could lead to a parabolic rally over the coming months. Notably, BTC has been trading for over 30 weeks since the most recent halving event, a period that often precedes significant market shifts.</p>   
<p>Let's understand the forces behind the momentum.</p>   
<h2 class="wp-block-heading" id="h-midterm-targets-for-bitcoin-price">Midterm Targets for Bitcoin Price</h2>   
<p>While the Bitcoin price outlook is bullish, swing traders should be cautious of a potential dip below $70,000 before the anticipated rally toward $84,000 in the near term.</p>   
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<p>Crypto analyst Ali Martinez has highlighted that Bitcoin’s Market Value to Realized Value (MVRV) ratio, a metric that reflects the market's unrealized profit or loss, has achieved a “golden cross” with its 365-day <a href="https://coinpedia.org/traders/what-is-moving-average-indicator/" target="_blank" rel="noreferrer noopener">Simple Moving Average (SMA)</a>. Historically, this pattern signals strong bullish potential, suggesting a positive outlook for BTC.</p>   
<h2 class="wp-block-heading" id="h-whale-investors-remain-hungry-for-more-btcs">Whale Investors Remain Hungry for More BTCs</h2>   
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   https://twitter.com/farsideuk/status/1851470199901294760?s=46 
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<p>Demand for Bitcoin has surged among whale investors, coinciding with a recent spike in gold prices to an all-time high of over $2,778. Gold’s bullish trend has prompted more investors to speculate on Bitcoin’s breakout potential, with increased whale activity supporting BTC’s rising demand.</p>   
<p>In addition, economic factors are playing a role: the U.S. Federal Reserve is expected to announce a rate cut next week due to improvements in the job market and lower inflation—a key topic amidst the 2024 <a href="https://www.youtube.com/watch?v=aP2Q_7rzNs0&amp;pp=ygUadXMgZWxlY3Rpb24gMjAyNCBjb2lucGVkaWE%3D" target="_blank" rel="noreferrer noopener">U.S. presidential election</a>.</p>   [post_titles_links postid="373902"]   
<h2 class="wp-block-heading" id="shrinking-bitcoin-supply-on-exchanges-a-bullish-indicator">Shrinking Bitcoin Supply on Exchanges: A Bullish Indicator?</h2>   
<p>Data shows a declining supply of Bitcoin on <a href="https://coinpedia.org/exchange/" target="_blank" rel="noreferrer noopener">centralized exchanges (CEXs)</a>, with over 41,000 BTC withdrawn in the last 30 days. This trend reflects increased demand, largely driven by<a href="https://coinpedia.org/news/bitcoin-etf-inflows-skyrocket-will-btc-keep-climbing-as-ethereum-lags-behind/" target="_blank" rel="noreferrer noopener"> U.S. spot Bitcoin ETFs</a> as investors prepare for potential price increases.</p>   
<p>On Tuesday, U.S. spot BTC ETFs, led by BlackRock’s iShares Bitcoin Trust (IBIT), recorded a net cash inflow of more than $870 million, the largest single-day inflow since June. This investment surge indicates growing institutional interest and confidence in Bitcoin's future.</p>   
<p><strong>Are you feeling bullish or bearish? Tell us! </strong></p>

Bitcoin Price Today: Bulls Target $84,000 Amid Rising Whale Demand

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