Bitcoin once again reached the key integer of 70,000 after 3 months. What are the reasons for the pull-up?
Bitcoin is no longer considered a cryptocurrency asset, and other projects are all in PvP
As for the current cryptocurrencies, Bitcoin can no longer be considered a currency circle asset, and the others are all in PVP.
On October 29, Bitcoin, which had been stumbling for 3 months, finally stood at $70,000 again. 70,000 seems to be a key integer, which is not only the peak of the bull market in 2021, but also the psychological integer for many people to judge whether to get on the train. The historical high of Bitcoin was $73,777 in March this year, which means that only 5% is needed, and everything is different again.
The integers of the bull market still need a sense of ritual. In hindsight, what reasons can the market have to pull up Bitcoin?
Election expectations
The fact that the cycle of the US election is so closely aligned with the cycle of Bitcoin was only perceived by the currency circle this year. Trump is unexpectedly friendly to Crypto and Bitcoin, and half of the industry is excited and half is afraid. He attended the Bitcoin conference to give a speech, and released his own DeFi product. His declaration of "making Bitcoin a strategic reserve for the United States" made the overall market recognize Trump's possible victory, which is extremely beneficial to the currency circle.
Although the bigwigs on Polymarket used funds to blast Trump's lead by a large margin, from the current public polls, the probability of Trump and Harris is generally around 50:50. The decisive battle will start next week. The sense of smell of hot money is extremely keen. I wonder if there is a new rumor about Bitcoin's 70,000 this time.
ETF Inflow
ETFs attracted much attention at the beginning of their launch, mainly because of the influx of a large amount of new funds, and the price of Bitcoin also created a new history. However, the total funds of ETFs soon began to net outflow, and the market sentiment began to decline.
BlockBeats has been recording the inflow of ETFs. The data chart shows that August 8 was the lowest point of the stage, and funds have been net inflows in the past few months.
Rate Cut
The Federal Reserve cut interest rates by 50 basis points in September, which was much higher than expected, and Bitcoin also pulled up at the time. Now the expectation for November is a 25 basis point rate cut, which is generally understood by the market as a positive factor. After all, the starting point of the last bull market was the rate cut in March 2020.
Uptober
In addition to data, there is also a sense of ritual. We start from 2017 when Bitcoin started to go viral. In October of the past few years, most of the Octobers have been rising overall. Regardless of the sentiment of the year, October of the past years has basically been rising. Of course, October 2024, which has exceeded 70,000, is no exception.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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