World’s Largest cryptocurrency by market cap Bitcoin has surged past the $71,000 mark, marking its highest point since June. With many experts, like popular crypto analyst CryptosRUs, predicting that this rally won’t be slowing down, all eyes are on Bitcoin’s potential to reach an all-time high within the next seven days.
October Surge and Liquidations
According to CryptosRUs, October has been a strong month for Bitcoin, especially Bitcoin-related stocks, and is seeing great performance. CryptosRUs highlights that it’s the final week of October a month that has historically been strong for Bitcoin and believes this could be a “glorious” week for the cryptocurrency.
As Bitcoin surged past $71,000, many short-sellers, who were betting against its rise, faced “liquidation” losses. This wave of liquidations added further momentum to Bitcoin’s price increase, sparking even more excitement across the market.
CryptosRUs also points out that Bitcoin has risen over 100% compared to the same period last year, making this October particularly strong for the cryptocurrency.
Major Breakthroughs In the Next 7 Days
Over the past few days, Bitcoin has recovered from key resistance levels that have now turned into support, signaling a healthy upward momentum. Analysts suggest that if Bitcoin faces a pullback, it will likely find strong support between $70,781 and $71,000, helping it stabilize.
However, the next big hurdle for Bitcoin is at $71,200, and if it manages to break through, we could see a new all-time high within the week.
Institutional Interest Fuels the Fire
The excitement isn’t just from charts and patterns, big investments are diving in too. Recently, BlackRock made headlines by buying over $1 billion worth of Bitcoin as reported by Coinpedia News.
Additionally, Bitcoin spot ETFs have acquired more than $479 million worth of Bitcoin, sending a clear signal that the market is heating up. These large investments could attract more regular investors to join the rally, further supporting Bitcoin’s price.
The U.S. Elections: Nov 24
The upcoming U.S. elections on November 24 might also influence Bitcoin’s trajectory. Past trends show that Bitcoin tends to respond positively post-elections, especially if pro-crypto candidates make headway.
Experts believe a crypto-friendly outcome could bring regulatory clarity, potentially adding to Bitcoin’s momentum and increasing optimism in the market.
