James Richardson
After recently approaching the 2021 all-time high of approximately $69,000, Bitcoin price has since pulled back, retesting the July 2024 high of around $68,000 over the past two days. However, Bitcoin managed to rebound above $67,000 on Tuesday, October 22, after dipping to $66,600 on Monday. This increased volatility in the cryptocurrency market led to nearly $200 million in liquidations, mainly affecting long traders.
Despite this, Bitcoin may experience a mid-term bearish trend before the anticipated surge in the coming months. A recent breakout from a multi-week downward logarithmic trend, starting in early March, has raised the likelihood of a temporary market cooling.
Bitcoin Price Analysis and Market Predictions
From a technical analysis standpoint, Bitcoin price could drop to a support level near $64,600 before bouncing back above $70,000. If Bitcoin consistently closes above $69,000 in the upcoming days, a push towards its previous all-time high could be expected by the end of the month.
In the meantime, October’s bullish momentum for cryptocurrencies is picking up steam, with altcoins like ApeCoin (APE) and several meme coins leading in price breakouts.
Bitcoin price chart – TradingView
Whale Activity Suggests Accumulation
With the 2024 U.S. election approaching and anticipated Federal Reserve rate cuts, on-chain data reveals that Bitcoin whales are continuing to accumulate. Additionally, ongoing geopolitical tensions in the Middle East and between Russia and Ukraine are driving global fiat devaluation amid high inflation.
Institutional investors are increasingly viewing Bitcoin as a hedge against market uncertainty. Recent data shows that Bitcoin’s net supply on centralized exchanges has decreased by over 44,000 coins in the past week, leaving about 2.37 million Bitcoins on exchanges. This decline coincides with a surge in demand from U.S.-based spot Bitcoin ETFs.
On Monday, U.S. spot Bitcoin ETFs saw a combined cash inflow of around $294 million. BlackRockโs iShares Bitcoin Trust (IBIT) led the way with an impressive $329 million inflow, holding Bitcoin worth about $26.45 billion. Fidelity’s FBTC also saw inflows of $5.9 million, bringing its total Bitcoin holdings to $12.49 billion.
BTC ETF and Market Performance
Not all funds fared equally well, however. Bitwise’s BITB recorded a net outflow of $22 million, while VanEckโs HODL and ARK 21Shares Bitcoin ETF (ARKB) experienced outflows of $7.6 million and $6 million, respectively.
Corporate Moves: Metaplanet Inc Expands Bitcoin Holdings
Earlier today, Metaplanet Inc announced the conclusion of its 11th Stock Acquisition Rights, achieving a 72.8% exercise rate. As a result, the company is set to double its Bitcoin holdings from 861.4 coins in the near future.
This move signals growing institutional interest in Bitcoin, as companies like Metaplanet continue to bolster their holdings amidst global economic uncertainty.
