Bitcoin price pulled back slightly after nearly retesting its all-time high of $73,800 on Oct. 29.
In an X post, Mando CT, a crypto trader with over 600,000 followers on X and 300,000 on YouTube, predicted that the bull run was gaining momentum. He also noted that bullish sentiments in the crypto industry were “loud and clear.”
There are signs that institutional investors have become more bullish on Bitcoin exchange-traded funds. Data shows that total inflows have jumped to $23.2 billion, with an increase of $870 million on Tuesday, marking the fifth consecutive day of gains.
This trend could continue if Bitcoin continues to rally, as this would lead to more fear of missing out.
Meanwhile, Bitcoin’s rally has been accompanied by rising futures open interest, reaching $44 billion, the highest level on record. Additionally, the crypto fear and greed index has jumped to 67, indicating a “greed” sentiment.
Another potential catalyst is the upcoming U.S. election, in which the prediction market expects Donald Trump to win. Polymarket places his odds of victory at almost 70%.
Bitcoin price is ripe for more gains
Bitcoin has some of the most bullish technicals. On the daily chart, it has formed an inverse head and shoulders pattern, which is often considered a positive sign.
It has also formed a golden cross pattern as the 200-day and 50-day moving averages crossed.