Originally published on: October 29, 2024
As Bitcoin continues its upward trajectory, experts suggest that the leading cryptocurrency could hit $80,000 by the end of 2024. A recent report from Bitfinex indicates that bullish signals from derivatives markets and holder profitability are paving the way for this milestone.
According to analysts at Bitfinex, the current price of Bitcoin at $72,261 is poised to surge past $80,000. The derivatives markets are showing promising signs, with options markets hinting at a potential rally post the US election. This positive outlook has propelled Bitcoin above the psychological resistance of $70,000 for the first time since June 10.
Investors are eagerly awaiting signals that may trigger Bitcoin’s next historic rally post-halving. The upcoming US presidential election could be a significant catalyst for this surge, with optimism growing among Bitcoin exchange-traded fund (ETF) buyers.
Data from Farside Investors reveals that US Bitcoin ETFs saw over $479 million in net positive inflows on Oct. 28, marking a second consecutive day above the $400 million mark. In the past 12 trading days, Bitcoin ETF inflows have surpassed $4 billion, with BlackRock’s IBIT ETF leading the pack with over $2.6 billion in inflows.
Analysts at Bitfinex suggest that a victory by former President Donald Trump in the election could further bolster Bitcoin’s price, given the correlation between Trump’s odds and the cryptocurrency’s performance. Nearly 99% of Bitcoin holders are currently in profit, with over 97.6% of holders seeing positive returns on their investments as of Oct. 29.
While these numbers are promising, it’s essential to remain cautious, considering the volatile nature of the cryptocurrency market. The last time over 97% of Bitcoin holders were in profit was in June before a significant price correction. As we navigate the path to $80,000, it’s crucial to stay informed and make well-informed decisions in this ever-evolving landscape.
