Bitcoin surpassed $35,000 amid a surge in trading volumes. The last time the cryptocurrency traded at these levels was in early May 2022. The growth of the market flagship has revived altcoins. For example, Ethereum broke through the $1800 level. Technical analysts expect the rally to continue. Many believe that amid positive expectations regarding the approval of a spot ETF, the price of Bitcoin will reach $40,000 in the coming months.
The first cryptocurrency has risen in price by 11.7% over the past 24 hours, testing the $35,000 mark.
At the local peak, the market value of digital gold reached $35,280 (BTC/USDT pair, Binance exchange).
BTC/USDT hourly chart. Data: TradingView.
At the time of writing, the asset is trading around $34,400, having risen in price by 22.2% over the week.
“Traditionally,” Bitcoin pushed up the broader market, but not a single altcoin from the top 10 surpassed the flagship in terms of daily growth rates.
Data: CoinGecko.
The total capitalization of the cryptocurrency market has reached $1.3 trillion. The Bitcoin dominance index is at 51.3%, according to CoinGecko.
Data: Coinglass.
Hype awaiting ETF
Many experts attribute expectations of approval of a spot ETF in the United States to one of the main drivers of the current rally.
“Over the past few days, we expected a very rapid increase in the price of Bitcoin. This is directly related to the increased anticipation of Bitcoin ETFs this year,” noted Metalpha senior trader Lucy Hu.
According to her, another possible reason is the ongoing tensions in the Middle East, due to which institutional investors are diversifying risks through the first cryptocurrency.
WOO Network co-founder Jack Tan also admitted that digital gold is growing in anticipation of a spot ETF. Along with this, the asset represents “a means of protection against geopolitical shocks that require increased government spending and money printing.”
Analyst and founder of MN Trading Michael van de Poppe expressed confidence that new financial products will be approved with a 99% probability.
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Good morning
— #Bitcoin hits $35,000 overnight and reaches new yearly high.
— Spot ETF has 99% chance to be approved.
— Matter of time until altcoins will be picking up pace.Great times.
— Michaël van de Poppe (@CryptoMichNL) October 24, 2023
The trader added that the altcoin rally is only a matter of time.
What’s the next goal?
Matrixport analysts noted a sharp increase in the funding rate for Bitcoin futures, signaling a “FOMO-driven market.”
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🚀 Bitcoin Update: FOMO Returns! 🚀
The #Bitcoin futures funding rate is sky-high, signaling a FOMO-driven market. Bitcoin dominance at 52.1%, with volumes soaring at $29bn traded in 24 hours.
Our 2023 target of $45,000 is on track, thanks to our proven trading models.… pic.twitter.com/tiTqRMQl2b
— Matrixport (@realMatrixport) October 24, 2023
Experts are confident that digital gold will reach the level of $45,000 this year. This is particularly indicated by the “bullish” technical analysis figure “Ascending Triangle”.
A trader under the nickname Titan of Crypto looked at the “Bull Flag” on the monthly chart. According to his calculations, the first cryptocurrency will reach $40,300 next month.
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#Bitcoin at $40,300 next month. 🚀
On the Monthly timeframe a MASSIVE Bull flag ⛳️ could be playing out in a no so distant future.
If it were to play out the target would be target 2 at $40,300 🎯.
An intermediate target would be the SSB line of the kumo cloud at $36,000.… pic.twitter.com/HyP25BVYx0
— Titan of Crypto (@Washigorira) October 22, 2023
The MVRV Z-Score on-chain indicator is far from the overbought zone highlighted in red. This indicates there is sufficient room for significant growth in the asset in the medium term.
Data: LookIntoBitcoin.
Trader Rekt Capital is convinced that a “clean break” of the $31,000 level is “the final step towards reversing the bearish fractal” of Bitcoin.
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A clean break of the ~$31,000 highs is the final step to fully invalidating the Bearish Bitcoin Fractal$BTC #Crypto #Bitcoin pic.twitter.com/gT5IXSoSQG
— Rekt Capital (@rektcapital) October 23, 2023
Market participant under the nickname Philakone notedthat the price has overcome the resistance level formed almost three years ago. This, the analyst believes, “officially means we are in a bull market.”
Michael van de Poppe emphasized that Bitcoin held above the $30,200 level and “began to break through the year’s high.”
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#Bitcoin did hold above $30,200 and started breaking the yearly high.
Quite surprised with this strength, but that’s what you get pre-ETF approval.
As long as we stay above $31K, everything is all right and we’ll see $40K this year.
Times are good. Buy the dips. pic.twitter.com/3UkZUve1ES
— Michaël van de Poppe (@CryptoMichNL) October 24, 2023
“As long as we stay above $31,000, we’re fine. And this year we will see $40,000. Times are good. Buy at the bottom,” the expert said partingly.
Let us remind you that on October 23, the price of Bitcoin rose above $31,000 for the first time since June 2022.
Earlier, the head of Binance, Changpeng Zhao, ruled out the explosive growth of the first cryptocurrency immediately after the halving of the reward for the block mined by miners.
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2023-10-24 05:44:59
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