Bitcoin soars above $71k, crypto analyst predicts a new all-time high

On October 29, 2024, the price of Bitcoin surged past $71,000 for the first time since June 2024. Crypto analysts are predicting that Bitcoin could potentially reach a new all-time high this week if the current upward trend continues.

According to data from crypto.news, Bitcoin (BTC) rose by nearly 5% on October 29, reaching $71,267 within the past 24 hours. This marks the first time Bitcoin has crossed the $71,000 threshold since June of this year.

As reported earlier by crypto.news on October 28, James Butterfill, the head of research at CoinShares, stated that Bitcoin’s recent price movements and inflows are largely influenced by the current state of U.S. politics, particularly with the presidential elections approaching in early November.

Butterfill noted that the recent surge in Bitcoin inflows is likely tied to the increase in Republican polling, suggesting that market sentiment may be reacting to political developments.

Michael van de Poppe, a well-known crypto analyst, shared in a recent X post that Bitcoin is poised to potentially reach a new all-time high this week, as it is currently “close to 10%, the sweet spot.” The last time Bitcoin hit its all-time high was in March 2024, when it peaked at $73,750.

“Bitcoin bounced from the sweet spot and is close to a new ATH [all-time high],” Van de Poppe wrote in his X post.

He also pointed out that this week marks the beginning of the “unemployment week”, which is the first week of the month. Van de Poppe believes that this timing gives Bitcoin a strong chance of hitting a new record high.

On the same day, Ki Young Ju, CEO of CryptoQuant, stated that Bitcoin has seen a significant rise in institutional demand since the beginning of 2024. He highlighted the strong performance of U.S.-based spot Bitcoin exchange-traded funds (ETFs), which have experienced a net inflow of approximately 278,000 BTC since their launch in January. Notably, 80% of these inflows came from retail investors.

Additionally, whale addresses holding at least 1,000 BTC, excluding those of crypto exchanges and mining pools, have seen an inflow of 670,000 BTC over the past year.

“In custodial wallets, institutional demand is twice that of retail,” said Ki Young Ju in his X post.