Bitcoin bullish sentiment is ‘loud and clear’, analyst says

Bitcoin price has pulled back slightly after nearly retesting its all-time high of $73,800 on October 29.

Bitcoin (BTC) is trading at $71,800, with crypto analysts predicting a bullish trend in the coming days.

Mando CT, a crypto trader with more than 600,000 followers on X and more than 300,000 on YouTube, predicted in an X post that the bull run is gaining momentum. He also noted that bullish sentiment in the crypto industry is “loud and clear.”

$BTC The bull run kicks into high gear and accelerates faster than light.

This cycle will take us to ATH and beyond. The bullish sentiments are loud and clear!

In my opinion, the only option is higher! 👀 🔥 pic.twitter.com/KGgypKy6fO

— MANDO CT (@XMaximist) 30 October 2024

Other analysts expressed optimism that the coin will continue its strong bull run. Peter Brandt, a popular trader, stated in an

There are signs that institutional investors are becoming more bullish on Bitcoin exchange-traded funds. Data show total inflows rose $870 million to $23.2 billion on Tuesday, marking the fifth consecutive day of gains.

This trend could continue if Bitcoin continues to rise as this will lead to fear of missing out on more opportunities.

Meanwhile, Bitcoin’s rally was accompanied by an increase in futures open interest, reaching a record high of $44 billion. Additionally, the crypto fear and greed index jumped to 67, indicating a feeling of “greed”.

Seasonality also favors Bitcoin. According to CoinGlass, October and November are historically positive months for Bitcoin.

Bitcoin futures open interest | Source: CoinGlass

Another potential catalyst is the upcoming US elections, which the forecasting market expects Donald Trump to win. Polymarket sees the chance of winning at almost 70%.

If he wins, there are indications that the coin will continue to rise in the near term. But as Ripple (XRP) Chief Executive Brad Garlinghouse told Bloomberg, cryptocurrencies will likely thrive regardless of the presidential winner.

Bitcoin price ripe for further gains BTC chart from TradingView

Bitcoin has some of the most bullish techniques. An inverse head and shoulders pattern has formed on the daily chart and this is generally considered a positive sign.

Additionally, a golden cross pattern was formed with the intersection of the 200-day and 50-day moving averages.

Bitcoin remains above the Ichimoku cloud indicator, another positive sign. Therefore, Bitcoin may soon experience a strong breakout above its all-time high. In such a case, the next level to watch will be $80,000.