Bitcoin soars above $71k, crypto analyst predicts a new all- time high

Bitcoin price broke well beyond $71,000 for the first time since June 2024 on October 29. The crypto analyst predicts that Bitcoin will be poised to hit a new all-time high this week if the upward trend continues.

According to Crypto.news data, Bitcoin (BTC) increased by approximately 5% on October 29. The cryptocurrency with the largest market value reached $71,267 in the last 24 hours. Bitcoin last crossed the $71,000 threshold in June 2024.

Previously reported by crypto.news on October 28, CoinShares head of research James Butterfill noted that current Bitcoin prices and flows are mostly influenced by the state of US politics, particularly the upcoming presidential election in early November.

Butterfill said the recent increase in entries is likely linked to an increase in Republican polls.

BTC price chart, October 29, 2024 | Source: crypto.news

Prominent crypto analyst Michael van de Poppe said in an Bitcoin last reached an all-time high in March 2024, when it reached $73,750.

“Bitcoin bounces from sweet spot and close to a new ATH [all-time high]Van de Poppe wrote in an X post:

He emphasized that this week is the “unemployment week”, which is the first week of the month. Van de Poppe believes this means Bitcoin has the potential to reach a new high.

On the same day, CryptoQuant CEO Ki Young Ju stated that Bitcoin has experienced an increase in institutional demand since the beginning of 2024. He was referring to US-based spot Bitcoin exchange-traded funds that recorded net inflows of approximately 278,000 BTC. Since its launch in January, 80% of inflows have come from retail investors.

Meanwhile, whale addresses holding at least 1,000 BTC, excluding crypto exchanges and mining pools, saw inflows of 670,000 BTC last year.

“Institutional demand for custodial wallets is twice that of retail,” Young Ju said in the X post.