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CryptoXTimes > Article > News > Bitcoin Poised for Potential All-Time Highs in 2024 as “Uptober” Gains Momentum
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Bitcoin Poised for Potential All-Time Highs in 2024 as “Uptober” Gains Momentum

Bitcoin poised for new highs as bullish momentum builds.

Nayab Fatima
Last updated: October 15, 2024 4:21 pm
Nayab Fatima 8 months ago
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Bitcoin Poised for Potential All-Time Highs in 2024 as "Uptober" Gains Momentum

Bitcoin is in ‘Uptober,’ but the sentiment has been bullish following its 25 percent climb from a low around $52,546 reached last week. Now it’s investors looking for a new all time high around $75,000. Key onchain and technical indicators point to an uptrend stretching further.

Bitcoin’s perpetual futures open interest near to a multi month high, indicating sustained bullish momentum. Today the OI weighted funding rate is 0.0136%, the same as the last time Bitcoin hit $71,950 on June 7. But that’s crypto markets for you and experts say positive funding rates should be taken with a pinch of salt.

Bitcoin Open Interest Surges

Data from CryptoQuant shows that Bitcoin open interest on all exchanges saw an all time high of $19.7 billion on October 15, suggesting higher liquidity and more interested in the crypto space. Analysts from CryptoQuant say this trend in the derivatives market indicates a rising deluge of money.

Even with a high OI this shouldn’t necessarily signal bullish interest; futures positions are always balanced between buyer and seller. However, as Bitcoin’s supply to exchanges hits a near 5 year low of \$2.68 million BTC, the traders are choosing to hoard rather than sell.

Just as some form of institutional interest in Bitcoin still exists, figures from US based spot Bitcoin exchange traded funds (ETFs) continue to record positive inflows. Net inflows for these ETFs surged almost $555.8 million on the morning of October 14, its highest net inflow day since June, according to recent data.

Following months of consolidation below its 2021 all time high of $69,000, Bitcoin’s price could reach just shy of $233,000 during the current bull cycle, analysts say. An independent analyst said this projection’s support is historical trends in monthly RSI readings.

But that recovery has been embraced further by BTC price breaking above the ambiguous 200 day simple moving average (SMA) at $63,335. It appears this level behaves as immediate support, with strong demand at the $61,770 to $63,728 range where around 1.1 million BTC was bought by 2.5 million addresses.

In the overall data, I see the upswing in BTC trajectory, and a good environment to support more growth as we continue to close in on 2024.

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