🌎 Bitcoin Surpasses $71K, Analysts Predict New All-Time High

The price of Bitcoin has surged beyond $71,000 for the first time since June 2024 as of October 29. A prominent crypto analyst predicts Bitcoin is poised to reach a new all-time high this week if the upward trend continues.

Bitcoin’s Recent Surge

Data shows Bitcoin has increased nearly 5% on October 29, reaching $71,267 in the past 24 hours. This marks the first time Bitcoin has crossed the $71,000 threshold since June 2024.

James Butterfill, head of research at CoinShares, attributes the current Bitcoin prices and flows to the U.S. political climate, especially with the upcoming presidential elections in early November. Butterfill noted that the recent surge in inflows is likely linked to the increase in Republican polls.

Expert Predictions

Well-known crypto analyst Michael van de Poppe recently stated that Bitcoin has the potential to reach a new all-time high this week, as it is currently “close to 10%, the sweet spot.” The last all-time high for Bitcoin was $73,750 in March 2024.

“Bitcoin bounced from the sweet spot and is close to a new ATH [all-time high],” Van de Poppe wrote. He emphasized that this week is crossing over to “unemployment week,” which is the first week of the month. Van de Poppe believes this indicates Bitcoin has the potential to reach a new high.

Institutional Demand on the Rise

On the same day, CryptoQuant CEO Ki Young Ju highlighted an increase in institutional demand for Bitcoin since the start of 2024. He pointed to U.S.-based spot Bitcoin exchange-traded funds, which have recorded a net inflow of around 278,000 BTC since their launch in January, with 80% of the inflows coming from retail investors.

In addition, whale addresses holding at least 1,000 BTC, excluding crypto exchanges and mining pools, saw an inflow of 670,000 BTC over the past year.