Bitcoin has crossed the $72,000 mark, reaching this level for the first time since its all-time high, as October’s rally intensifies. Spot Bitcoin ETFs are seeing huge inflows, with $893 million invested recently, marking the second-highest inflow since January. As November—a historically bullish month—approaches, many wonder if Bitcoin’s rally is just beginning.
Will the king finally break its own record?
Historically, October has marked the start of bull markets for Bitcoin, and this year seems no different. According to recent data, Bitcoin’s price has already surged by an impressive 14.4% this October, igniting optimism across the crypto market.
This increase is particularly notable after a year of market ups and downs. Analysts suggest that this rally aligns with a familiar pattern: Bitcoin often shows strong momentum in the final quarter of the year.
A major driver of Bitcoin’s recent gains is the surge in institutional interest in spot Bitcoin ETFs. For the first time, total Bitcoin holdings across nine U.S. spot ETFs have surpassed the 1 million BTC milestone.
On October 30 alone, Bitcoin ETFs recorded a record $893.3 million inflow, led by BlackRock, which invested an impressive $872 million. This huge investment from BlackRock, a global investment leader, reflects a strong belief in Bitcoin and has energized the crypto market.
BlackRock Takes the Lead
These substantial investments have kept Bitcoin steady at around $71,000 over the past few days. BlackRock’s significant buy-in has also boosted investor confidence in Bitcoin’s long-term potential.
Looking ahead to November—a month known for Bitcoin gains—crypto analyst Ali Martinez shared an optimistic outlook, saying, “Moon-vember is just around the corner!”
With Bitcoin closing in on its previous all-time high of $73,000, many believe a new record could be within reach. Martinez projects that Bitcoin might climb to $78,000 in this next wave, while Castillo Trading is even more optimistic, targeting $80,000. CME FedWatch data, which shows a 98.9% likelihood of a rate cut, adds further confidence to these predictions.
Experts at Standard Chartered have also shared a bullish forecast, suggesting that Bitcoin could reach a new all-time high before the upcoming U.S. elections.
With increasing institutional interest, promising historical trends, and a highly engaged market, Bitcoin’s rally may be on the brink of reaching new heights in the weeks to come.
The next few weeks may decide if Bitcoin can break records, and all eyes are on the charts as ‘Moon-vember’ kicks off.
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