Bitcoin’s price crossed the $71,500 (est. R1.26 million) threshold on Monday, 28 October 2024, marking its highest level since early June 2024 as it inches toward record levels.
Story Summary:
- Bitcoin surged past $71,500, its highest since early June 2024, positioning for potential all-time highs.
- Market optimism is driven by US election speculation and the recent Bitcoin Spot ETF approval.
- Technical signals like the “golden cross” add to the positive outlook, though analysts caution on potential volatility.
Bitcoin price: Here’s what you must know
The cryptocurrency’s rally was, according to Forbes, fuelled by an increase in broader market confidence, with the price peaking at $71,521 on major exchanges by Tuesday morning.
This surge follows a period of market stagnation where Bitcoin largely held within a $50,000 to $65,000 range for much of the year.
The “Uptober” rally, as analysts have termed it, is driven by a combination of recent favourable regulatory shifts and optimistic projections for the US election outcome, where crypto-friendly candidates are in focus.
What October 2024 Bitcoin activity means for crypto holders
Tim Enneking, the managing partner at Psalion, noted that Bitcoin’s rise is right on schedule post-halving, though this year’s movement faced temporary resistance due to rumours surrounding a US DOJ investigation into Tether.
Enneking also emphasised that the ongoing election cycle could further amplify Bitcoin’s trajectory, as a potential Trump victory is perceived as beneficial for crypto markets given his campaign’s crypto-regulatory stance.
Market enthusiasm is reinforced by a “golden cross,” where Bitcoin’s 50-day moving average rose above the 200-day moving average, a pattern known to precede bullish price action.
According to analyst Wendy O, Bitcoin appears positioned for substantial gains if it surpasses the $74,000 resistance level.
She also noted that current market dynamics—especially surrounding the anticipated approval of a Bitcoin Spot ETF—create an encouraging environment for upward price discovery.
Adding to the momentum, altcoins like Ether (ETH), Solana (SOL), and Dogecoin (DOGE) saw gains between 1.8% and 14% as the crypto market rallied in tandem with Bitcoin’s rise.
