Could Bitcoin reach $100K as it continues its upward trend? The upcoming U.S. election, approval of spot Bitcoin ETFs, and market sentiment may play a role in determining its future trajectory.
Bitcoin has experienced a significant surge, with a 2% gain in the past week, as the “Uptober” effect sweeps through the crypto market. Currently trading at $67,100, its highest level since late July, Bitcoin briefly touched $69,500 before retreating. The market sentiment has also shifted, with the crypto fear and greed index sitting at 63, indicating “greed,” a stark contrast to the low of 26 in September when fear dominated the market.
Investors are optimistic, particularly with the upcoming U.S. presidential election on November 5. Former President Donald Trump, who is known for proposing crypto-friendly policies, has gained momentum in election polls. Many believe that his potential win could drive Bitcoin to new heights, as his policies are seen as beneficial for the crypto industry.
With key economic events on the horizon and a highly charged political arena, the future of Bitcoin is uncertain. However, recent developments in spot Bitcoin ETFs indicate positive changes. The U.S. Securities and Exchange Commission recently approved a new rule allowing the New York Stock Exchange and the Chicago Board Options Exchange to offer options trading for several spot Bitcoin ETFs. This move is expected to increase liquidity and result in smoother price movements in the crypto space. Major names such as Grayscale Bitcoin Trust, Bitwise Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, and ARK 21Shares Bitcoin ETF are all affected by this change.
The approval of these options could have a significant impact, as it allows for broader access to crypto for institutional players and everyday investors. Bitcoin ETFs have already seen a surge in inflows, with over $2.13 billion in the week ending October 18. This marks the strongest performance for Bitcoin ETFs in about seven months, indicating a growing investor confidence in crypto.
As Bitcoin flirts with the $70K mark, experts have shared their insights on its future movement. Crypto analyst Michaël van de Poppe describes the current state of Bitcoin as being in the “Boring Zone,” where it consolidates around the $68,000 level while altcoins show signs of recovery. This phase is seen as a coiled spring waiting for a jolt of liquidity, potentially leading to large upward movements.
Another prominent crypto analyst, Ali, looks at the market value to realized value momentum indicator to gauge Bitcoin’s next move. This indicator has recently flipped bullish, suggesting more price gains to come. Rising open interest in Bitcoin CME Futures is also a key factor indicating growing momentum.
Macroeconomic factors such as the U.S. presidential election and the Federal Reserve’s upcoming meeting may also influence Bitcoin’s price movement. A Trump victory and a Federal Reserve rate cut could create a perfect storm for Bitcoin to surge beyond $70K.
According to various crypto analysts, Bitcoin’s next target could be anywhere from $90,000 to $160,000. As it builds strength around the $70K mark, the next logical resistance could be at $90K. If Bitcoin breaks through this level with strong momentum, it could quickly accelerate toward $100K and beyond. Once Bitcoin enters price discovery, market euphoria tends to drive prices much higher in a relatively short period.
Investors should remain vigilant and closely monitor technical indicators and broader economic factors to anticipate Bitcoin’s next movement. As always, it is important to trade wisely and only invest what you can afford to lose.