Bitcoin Price Today: Bulls Target $84,000 Amid Rising Whale Demand

Bitcoin’s (BTC) price has steadily gained bullish momentum since the August 5 market crash that sent it plunging below $50,000. In the past 24 hours, BTC surged to a peak of $73,562 before a modest pullback of about 2%, bringing it to roughly $72,196 early on Wednesday, October 30, in the European session.

Bitcoin is now challenging its final major resistance level, which, if surpassed, could lead to a parabolic rally over the coming months. Notably, BTC has been trading for over 30 weeks since the most recent halving event, a period that often precedes significant market shifts.

Let’s understand the forces behind the momentum.

Midterm Targets for Bitcoin Price

While the Bitcoin price outlook is bullish, swing traders should be cautious of a potential dip below $70,000 before the anticipated rally toward $84,000 in the near term.

Crypto analyst Ali Martinez has highlighted that Bitcoin’s Market Value to Realized Value (MVRV) ratio, a metric that reflects the market’s unrealized profit or loss, has achieved a “golden cross” with its 365-day Simple Moving Average (SMA). Historically, this pattern signals strong bullish potential, suggesting a positive outlook for BTC.

Whale Investors Remain Hungry for More BTCs

Demand for Bitcoin has surged among whale investors, coinciding with a recent spike in gold prices to an all-time high of over $2,778. Gold’s bullish trend has prompted more investors to speculate on Bitcoin’s breakout potential, with increased whale activity supporting BTC’s rising demand.

In addition, economic factors are playing a role: the U.S. Federal Reserve is expected to announce a rate cut next week due to improvements in the job market and lower inflation—a key topic amidst the 2024 U.S. presidential election.

Shrinking Bitcoin Supply on Exchanges: A Bullish Indicator?

Data shows a declining supply of Bitcoin on centralized exchanges (CEXs), with over 41,000 BTC withdrawn in the last 30 days. This trend reflects increased demand, largely driven by U.S. spot Bitcoin ETFs as investors prepare for potential price increases.

On Tuesday, U.S. spot BTC ETFs, led by BlackRock’s iShares Bitcoin Trust (IBIT), recorded a net cash inflow of more than $870 million, the largest single-day inflow since June. This investment surge indicates growing institutional interest and confidence in Bitcoin’s future.

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