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

The price of Bitcoin has gone well beyond $71,000 for the first time since June 2024 on Oct. 29. Crypto analyst predicts Bitcoin is poised to reach a new all-time-high this week if the upward trend continues.

According to data from crypto.news, Bitcoin(BTC) has gone up nearly 5% on Oct. 29. The cryptocurrency with the largest market cap reached $71,267 in the past 24 hours. The last time Bitcoin was able to cross the $71,000 threshold was in June 2024.

Previously reported on Oct. 28 by crypto.news, head of research at CoinShares, James Butterfill stated that current Bitcoin prices and flows are mostly influenced by the state of U.S. politics, especially with the presidential elections coming up in early November.

Butterfill said that the recent surge in inflows was likely linked to the increase in Republican polls.

Well-known crypto analyst, Michael van de Poppe, said in an X post that Bitcoin has the potential to reach a new all-time high this week as it is currently “close to 10%, the sweet spot.” The last time Bitcoin hit its all-time high was back in March 2024 when it reached $73,750.

“Bitcoin bounced from the sweet spot and is close to a new ATH [all-time high],” Van de Poppe wrote in an X post.

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

On the same day, CryptoQuant CEO Ki Young Ju stated that Bitcoin has been experiencing an increase in institutional demand since the start of 2024. He referred to the U.S-based spot Bitcoin exchange-traded funds, which recorded a net inflow of around 278,000 BTC since their launch in January with 80% of the inflows coming from retail investors.

Meanwhile, whale addresses holding at least 1,000 BTC, with the exception of crypto exchanges and mining pools, saw an inflow of 670,000 BTC over the past year.

“In custodial wallets, institutional demand is twice that of retail,” said Young Ju on his X post.