Bitcoin is now ever closer to its all-time high of $73,700 after rallying over 5% to $71,500. The development — a pleasant delight to the global crypto community, comes just a few days away from the U.S. presidential election.
As CoinGecko data suggests, the flagship cryptocurrency surpassed the $70,000 mark on Monday. This was after a week of underperformance that saw it shed some of its value in the previous week.
Tensions in the Middle East and an alleged regulatory scrutiny over Tether were enough to cause last week’s correction, leading Bitcoin to drop below the $66,000 mark.
Shortly after, however, the largest crypto asset by market cap bounced back and settled between $67,000 and $68,000 over the weekend.
By Monday, it had enough momentum to break out, eventually surging to $70,000 for the first time in over four months.
Bitcoin May Have Entered Bullish Phase, Analyst Says
It appears that the current momentum may be sustained for a while. At least, veteran crypto trader Peter Brandt believes so. According to the expert, the post-halving advance may have now started and from all indications, Bitcoin may on its way to unprecedented heights. Brandt wrote in a recent X post:
“The 5-month inverted expanding triangle has now been completed. Follow through will be important. The post-halving advance may have begun. The series of lower highs and lower lows since March has come to an end.”
For what it’s worth, several analysts have also previously leaned on certain key metrics pointing to the fact that the price of Bitcoin may be bracing up for an upward trend.
The Bollinger Bands are currently at possibly their tightest points in history. If patterns are anything to go by, periods like this often precede times of low volatility. In such periods, powerful price breakouts are not unusual.
Also, there is the Miner Position Index (MPI), a measure of the flow of Bitcoin from miners to exchanges. Presently, MPI also shows that Bitcoin miners are accumulating, while block rewards are rising. More often than not, when there is a combination of a low MPI and rising block rewards, the outlook for Bitcoin is bullish.
it might be worth mentioning that some experts also believe that a price surge may not happen before the U.S. elections. It remains to be seen how the BTC price would fair over the next few days.
