Bitcoin Price Today: Expect a Rebound Before New ATH, Says Expert!
Qadir AK9 Oct 20242 min read
Bitcoin (BTC) is on the verge of major volatility in the near future after seven months of consolidation. Despite a recent “death cross” between the 50-day and 200-day Moving Averages (MAs), the leading cryptocurrency has managed to stay above key support levels.
The unstable geopolitical climate in the Middle East, along with tensions between BRICS nations and NATO, has been crucial in driving mainstream adoption of Bitcoin and other digital assets. More institutional investors, led by Metaplanet Inc. and MicroStrategy, are turning to Bitcoin as a hedge against global fiat inflation.
Is it a new dawn for crypto?
Top Factors Influencing Market Activity
Additionally, a shift in the macroeconomic outlook—sparked by the recent Federal Reserve rate cut—has increased activity in major assets, including precious metals and cryptocurrencies.
According to on-chain data analysis from Santiment, the Bitcoin network recorded the highest dormant activity in seven months on Tuesday. This spike coincided with a rise in trading volume, reaching about $37 billion. Santiment indicates that increased dormant activity often suggests an impending price breakout for Bitcoin.
What the Whales Are Telling Us
In a notable development, a dormant whale that had been inactive for six months accumulated over $60 million worth of Bitcoin in just 24 hours. This indicates a growing interest in Bitcoin among significant holders.
It’s also important to mention that stablecoin inflows to crypto exchanges are above the annual average of over $46 billion, pointing to rising purchasing power in the market.
Experts Speak Out
As we near the Federal Open Market Committee (FOMC) meeting minutes, crypto analyst Michaeël van de Poppe believes that Bitcoin’s price may retrace to a support level above $61,000 before rebounding towards its all-time high.
Currently, Bitcoin’s price fluctuates between the 50-day and 200-day MAs, showing midterm market uncertainty. Additionally, Bitcoin’s Fear and Greed Index hovers around 49 percent, reflecting neutral sentiment among investors.
Are You Ready for the US Elections?
Looking ahead, the upcoming US elections next month will be a key highlight for the cryptocurrency space. Many in the crypto community are supporting Republican presidential candidate Donald Trump, aiming to remove SEC Chair Gary Gensler from office by January.
The crypto world is abuzz with excitement. Do you believe Bitcoin’s best days are yet to come?
