Bitcoin (BTC) Price Ripe for More Gains After Nearly Retesting All-Time High

Bitcoin (BTC) trading at $71,800 as crypto analysts predicted an eventual bullish breakout in the coming days.

After nearly retesting its all-time high on Oct. 29, Bitcoin (BTC) price pulled back slightly on Oct. 30 as crypto analysts predicted an eventual bullish breakout in the coming days.

At the time of writing, BTC is trading at $71,800, down by 1.16% over the past 24 hours and up by 3.34% over the past seven days.

Mando CT, a crypto trader with over 600,000 followers on X and 300,000 on YouTube, highlighted the gathering pace of the bull run in a recent X post. He also noted the palpable bullish sentiments in the crypto industry.

“$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!,” reads Mando CT's X post.

Other analysts also expressed optimism that the coin will continue its strong bull run. In a recent X post, Peter Brandt, a popular trader, noted that the coin is nearing a breakout, which will be confirmed if the price moves above the key resistance at $76,000.

“The technical analysis of BTC is showing signs that it may soon break out of a bullish chart pattern on the weekly time frame. If this happens, it could lead to a new all-time high,” reads Brandt's X post.

There are also signs that institutional investors are becoming more bullish on Bitcoin exchange-traded funds. According to data from CoinShares, total inflows have risen to $23.2 billion, with an increase of $870 million on Tuesday, which marks the fifth consecutive day of gains.

If Bitcoin continues to rally, this trend could continue as a result of fear of missing out.

Meanwhile, Bitcoin's rally has been accompanied by rising futures open interest, which now stands at $44 billion, the highest level on record. Additionally, the crypto fear and greed index has jumped to 67, which now indicates a “greed” sentiment.

Seasonality is also on Bitcoin's side, with October and November being historically favorable months for the coin, according to CoinGlass.

Another potential catalyst is the upcoming U.S. election, in which the prediction market anticipates a Donald Trump victory. Polymarket places his odds of winning at almost 70%.

If he wins, there are indications that the coin will continue rising in the near term. However, as Ripple's (XRP) Chief Executive Officer Brad Garlinghouse told Bloomberg, cryptocurrencies will likely continue to thrive irrespective of the presidential victor.

“I think crypto will continue to do well no matter who wins the election. It's a seasonality thing. We tend to see strength in October and November, and then it tends to slow down a bit in December,” Garlinghouse said.

Bitcoin technical analysis: Ripe for more gains, say analysts

Bitcoin has some of the most bullish technicals. On the daily chart, it has formed an inverse head and shoulders pattern on the daily chart, which is often considered a positive sign.

It has also formed a golden cross pattern as the 200-day and 50-day moving averages crossed.

Moreover, Bitcoin is still trading above the Ichimoku cloud indicator, which is another positive sign. As such, Bitcoin may soon have a strong breakout above its all-time high. If this happens, the next level to watch will be $80,000.

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