Bitcoin (BTC) has reclaimed the $71,000 level for the first time since June of this year. The asset is up 4.9% in the daily charts, 5.6% in the weekly charts, 8.2% in the 14-day charts, and 8% over the last month. BTC’s price has also risen by nearly 109% since late October 2023. The original cryptocurrency is now only 3.6% away from its all-time high of $73,737, which it attained in March of this year.
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Why Is Bitcoin Rallying?
BTC’s latest upward momentum could be due to investors bracing themselves for MicroStrategy’s quarterly earnings. The company’s stock hit an all-time high closing price of $313 on Monday and trades for around $255.34. Microstrategy is one of the most bullish entities in Bitcoin (BTC). The company owns 252,220 as of Sept. 20, 2024.
BTC’s rally could also be due to the upcoming US Presidential elections. Given his pro-crypto stance, crypto analysts anticipate a market-wide rally if Donald Trump wins the election.
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Will The Asset Hit A New All-Time High This Week?
According to the analysts at CoinCodex, Bitcoin (BTC) will continue its upward momentum over the next few weeks. The platform anticipates the asset to hit a new all-time high of $76,107 on Oct. 31, 2024. Hitting $76,107 from current price levels will translate to a rally of about 7.15%. CoinCodex analysts further predict BTC will breach the $90,000 level in November, hitting $93,951 on Nov. 27, 2024.
Changelly presents an even more bullish picture for Bitcoin (BTC). The platform anticipates the asset hitting $87,093 on Oct. 31, 2024. Hitting $87,093 from current price levels will entail a rally of about 22.62%. The platform also anticipates the asset hitting $92,226 on Nov. 14, 2024.
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The forecasts for the original cryptocurrency seem to be bullish. In a recent Standard Chartered report, the bank predicted that Bitcoin (BTC) would breach the $125,000 mark if Donald Trump wins the upcoming election.