Bitcoin price experienced a slight pullback after nearly retesting its all-time high of $73,800 on October 29. As of now, Bitcoin is trading at $71,800, with crypto analysts predicting an eventual bullish breakout in the coming days.

Analysts Predict Bullish Momentum

In a recent post, Mando CT, a crypto trader with over 600,000 followers on social media and 300,000 on YouTube, emphasized that the bull run was gaining momentum. He noted that bullish sentiments in the crypto industry were unmistakable:

$BTC bull run kicks into high gear, gaining momentum faster than light. This cycle will bring us to ATH and beyond. The bullish sentiments are loud and clear! Higher is the only option in my opinion! 👀 🔥

Other analysts have also expressed optimism about Bitcoin’s continued strong bull run. Peter Brandt, a well-known trader, observed that Bitcoin was nearing a breakout, which would be confirmed if the price moves above the key resistance point at $76,000.

Institutional Investment on the Rise

There are signs that institutional investors have become more bullish on Bitcoin exchange-traded funds. Data shows that total inflows have surged to $23.2 billion, with an increase of $870 million on a single day, marking the fifth consecutive day of gains. This trend could persist if Bitcoin continues to rally, leading to more fear of missing out (FOMO) among investors.

Meanwhile, Bitcoin’s rally has been accompanied by rising futures open interest, reaching $44 billion, the highest level on record. Additionally, the crypto fear and greed index has jumped to 67, indicating a “greed” sentiment.

Favorable Seasonal Trends

Seasonality is also in Bitcoin’s favor. Historically, October and November are favorable months for Bitcoin. This trend adds to the positive outlook for the cryptocurrency in the near term.

Potential Political Catalysts

Another potential catalyst is the upcoming U.S. election. Prediction markets are currently placing high odds on Donald Trump winning the election. If he wins, there are indications that Bitcoin will continue to rise in the near term. However, as Brad Garlinghouse, CEO of Ripple, mentioned, cryptocurrencies are likely to thrive regardless of the presidential winner.

Technical Analysis Indicates Strong Potential

Bitcoin has some of the most bullish technical indicators. On the daily chart, it has formed an inverse head and shoulders pattern, which is often considered a positive sign. Additionally, Bitcoin has formed a golden cross pattern as the 200-day and 50-day moving averages have crossed.

Bitcoin remains above the Ichimoku cloud indicator, another positive sign. Therefore, a strong breakout above its all-time high could be imminent. If this happens, the next level to watch will be $80,000.

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