Bitcoin is continuing its rally after a quick weekend dip, breaking above $70,000 and approaching new all-time highs. The market sentiment is overwhelmingly bullish, and Bitcoin’s upward momentum is clear. With Bitcoin dominance rising and nearing 60%, and consistent higher highs and higher lows, Bitcoin seems well-positioned to reach a new all-time high soon.
Adding to this optimism, Donald Trump is emerging as the favorite to win the upcoming U.S. presidential election. Betting odds give him a 66% chance of victory (via Polymarket) and Sportsbet offering odds of $1.55. The anticipation of a Trump win is a potential catalyst for Bitcoin's bullishness, and a Trump victory could be the spark needed for Bitcoin to achieve new highs. With the election just a week away, Bitcoin could be poised to break records soon.
In our Morning Note from October 17, we analysed a bull flag pattern suggesting Bitcoin might reach $88,000 USD in the coming weeks and months. It now appears that this pattern is playing out, so prepare for a potential rise to our short-to-medium-term target over the next few months.
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: DOGE ($0.158)
Stormrake Spotlight: DOGE ($0.158)
Continuing with the theme of meme coins, Dogecoin is considered the godfather of the memecoin space. Just as Bitcoin leads the broader crypto market, DOGE leads the meme coin sector. If memecoins are to play a major role in this bull run, DOGE will likely lead the charge, with smaller-cap memecoins such as WIF, GOAT, and PEPE expected to follow. DOGE is currently 80% below its all-time high and has a market cap of $23 billion. Last bull run saw DOGE reach a peak market cap of $97 billion, just something to keep in mind.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has broken through the monthly CPR level that posed a challenge in recent weeks and is currently testing the critical resistance at $70.1k after eight consecutive green candles. Some resistance is expected at this level, while the 21 EMA should provide strong support as BTC aims for new all-time highs.
BTC Total ETF Flows for 28 Oct: $ + 120.1 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum is finally close to breaking its key resistance levels and is trading above all moving averages. Currently priced above $2,556, ETH is looking bullish as BTC continues higher. The next resistance levels are around $2,850. Although ETH appears promising, it remains 48% below its ATH and is being outperformed by Solana, which may pose a threat to Ethereum's position as the second-largest cryptocurrency.
ETH Total ETF Flows for 28 Oct: $ - 8.4 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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