Market Situation : A New ATH Soon ?

By Astroboy13 | CryptoByte | 28 Oct 2024


The last few weeks have been pretty frustrating, with Bitcoin struggling to break out of its bull flag. Meanwhile, altcoins are lagging behind as Bitcoin’s dominance grows. However, I see signs that are very bullish for the market’s future. Let’s go through them in this article.

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Bitcoin ETF Inflows

This is one of the key metrics to watch. Since the launch of various Bitcoin ETFs in January, the market has mostly correlated with inflows and outflows in those ETFs.

1*paRq9Hfpuomb1sVRJYubMg.png Soure : SoSo Value

As you can see above, when there are inflows into US Bitcoin ETFs, the price of Bitcoin tends to rise as well.

In recent months, inflows have been fairly consistent, with Bitcoin under management reaching higher highs each time. This trend indicates that clients of large investment funds, such as BlackRock, have faith in Bitcoin’s future. The behavior of institutional investors regarding Bitcoin is one reason I believe the worst may be behind us.

Bitcoin Price Action

Positive signs are also visible on the Bitcoin chart :

1*FOwGTk081Wmi4lrymFQt1Q.png

After nearly seven months of consolidation since the all-time high in March, we may finally be seeing the light at the end of the tunnel. We’re observing a change in price action with strong upward movements (higher highs and higher lows) since the August low brought on by the carry trade mini-crisis.

As long as we don’t break below the 60k level, we remain in a bullish trend, so any retracement above this level isn’t necessarily a bad sign.

November Up ?

With the end of the month approaching, we’re currently seeing a modest green month with a 7.68% gain since the start of October. But it’s worth noting that historically, November is the best-performing month, with an average gain of +46.81%!

1*KlCoL26WZvZBEZX9BrW7Xw.png Source : Coinglass

Will we see a strong green month ? We’ll find out very soon.

A special mention goes to the upcoming US presidential election on November 5th. This event is one investors are eagerly awaiting, so in the short term, it could have a significant impact on the market.

As always, thank you for reading !

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Disclaimer: This is not financial advice, you need to do your own research !

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Astroboy13
Astroboy13

I'm a crypto entousiast


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