Bitcoin (BTC) has surged by 7.0% to $67,200
this week, breaking above its 30-week consolidation average of $66,500. If it
can sustain this level for a few more days, a path for further growth could be
established. The nearest resistance sits at $69,000-71,000, but Bitcoin's
ultimate target is to surpass its all-time high of $73,864. According to
Polymarket, the probability of reaching this peak by the end of 2024 has
increased to 64.0%, up from 55.0% last week.
Institutional investors appear to support this
bullish scenario. Major Bitcoin ETFs, including IBIT from BlackRock, FBTC from
Fidelity, and GBTC from Grayscale, reported net inflows of $133.4 million last
week, with an additional $95 million received this week. Collectively, all spot
Bitcoin ETFs saw a massive $556 million inflow on October 14 alone. Such
significant inflows were last observed in June when Bitcoin prices quickly
surged to $72,000 following a similar spike in demand.
Another positive indicator comes from Google
Trends, where search interest for Bitcoin has fallen below 20 points, a low not
seen since late January. Following that dip in interest, Bitcoin prices climbed
by 73.0% within six weeks. If this pattern holds, a sharp upward trajectory
could be imminent.
The upcoming U.S. presidential election is
also playing a role in this bullish outlook. Former U.S. President and
Republican nominee Donald Trump is leading the race with a 56.9% chance of
winning, according to Polymarket, while Vice-President and Democratic nominee
Kamala Harris is trailing. In an effort to gain support, Harris has promised
regulatory protections for crypto holders, particularly targeting the over 20%
of African Americans involved in cryptocurrency. Both candidates have vowed to
improve regulation for the crypto industry, but Trump’s approach appears more
consistent and convincing.
As the U.S. presidential election approaches,
the focus on crypto voters is intensifying, further fueling optimism for new
Bitcoin price records.