Bitcoin Price Analysis: Breaks $70,000 Amid U.S. Election Buzz, Targets $72,500

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

October 29, 2024

Bitcoin’s recent breakout above $70,000 has fueled optimism in the crypto market, with analysts eyeing the next resistance at $72,500.

The surge aligns with rising anticipation around the U.S. election, as traders weigh potential pro-crypto policy shifts.

This latest move supports a bullish Bitcoin price prediction, as growing institutional interest and macroeconomic factors add momentum to the rally.

Bitcoin Rises Above $70,000 Amid Talk of the US Election

As investors anticipate the US election on November 5, Bitcoin jumped past $70,000, reaching its highest valuation in three months. Bitcoin was only 5% off its record high of $73,700 after the current rise.

According to experts, such as Mathew Sigel, Head of Digital Asset Research at VanEck, Bitcoin’s bullish setup is comparable to the two-month period preceding the 2020 election, when the cryptocurrency surged 120%.

ETFs with a crypto focus are receiving a lot of support from institutional investors; this week, net inflows totaling $901 million were mostly driven by Bitcoin ETFs.

According to data from Polymarket, Vice President Kamala Harris has a 34% chance of winning, while Republican contender Donald Trump has a 65% chance.

Among investors, Trump’s alleged pro-crypto position is increasing optimism.

Bitcoin’s momentum might continue as Trump’s popularity grows and ETF investments rise. In the event that Trump wins, investors are placing bets that more pro-crypto policies will be implemented, which would boost the price of bitcoin.

Metaplanet Rises to the Second-Largest Bitcoin Ownership in Asia

The Japanese investment company Metaplanet is now Asia’s second-largest corporate Bitcoin owner. With the purchase of an extra 156.78 BTC on October 28, Metaplanet’s total holdings now reach over 1,018 BTC, or over $68 million.

Each Bitcoin is purchased from the corporation for an average of $61,629, or around 9.4 million JPY.Asia’s Second-Largest Bitcoin Ownership Goes to Metaplanet.

The economic situation in Japan led to the adoption of this “Bitcoin-first” approach in May. Despite the expansion, Metaplanet is still behind Hong Kong-based Meitu, which has 940.9 BTC, and Chinese startup Boyaa Interactive International, which has 1,100 BTC.

The CEO, Simon Gerovich, reaffirmed their dedication to Bitcoin, adding, “Always and forever.” Following a prior Bitcoin buy on October 15, Metaplanet’s shares jumped 16% and are now trading at 1,150 JPY ($7.50), indicating a 505% increase in 2024.

The active purchases made by Metaplanet indicate that businesses are becoming more interested in Bitcoin, which may improve market sentiment and raise prices.

Bitcoin Breaks Out Above $70,000—Bullish Momentum Targets $71,500 Resistance

Bitcoin has decisively broken out of its symmetrical triangle pattern, signaling a robust bullish trend. The price has surged above the key level of $70,240, driven by strong buying momentum, and is currently trading around $71,050.

This breakout suggests further upward potential, with Bitcoin eyeing the next resistance at $71,500. If the rally continues, the price could move towards the $72,830 level.

However, if Bitcoin encounters selling pressure, immediate support is located near $70,240, with further downside support at $68,190.

The Relative Strength Index (RSI) at 85 signals overbought conditions, suggesting that a short-term pullback could be on the horizon. Meanwhile, the 50-day EMA at $68,190 supports the recent uptrend, adding strength to the bullish outlook.

Key Insights:

• Bitcoin breaks out above $70,240, aiming for $71,500 resistance.
• RSI at 85 signals overbought conditions; watch for potential pullback.
• Strong support lies at $70,240, reinforced by the 50-day EMA at $68,190.

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