Bitcoin’s performance has been extraordinary this week as the cryptocurrency continues to enjoy the favor of big giants such as Samara Asset and Tesla. At the time of writing, Bitcoin is priced at $67,233.38 and is currently testing to reach $70,000.
Samara Asset Group And Tesla
Samara Asset Group has decided to boost its Bitcoin reserves with a bond worth €30 million. Samara Asset Group, known as Cryptology Asset Group in the past, is gradually expanding its portfolio, following the footsteps of MicroStrategy. For its bond issue, the asset management firm has collaborated with Pareto Securities to manage various fixed-income investor meetings. This news, in the backdrop of Tesla’s Bitcoin transfer of $765M, has got the ball rolling for Bitcoin.
Whale Activity And ETF Inflows
On top of institutional Bitcoin adoption skyrocketing, Bitcoin has seen the highest whale transactions in the last ten weeks. Santiment, a crypto research and data intelligence firm, confirmed 11,697 whale transactions took place, each above $100k in value, in the last 24 hours alone.
🐳 Bitcoin’s whale transactions have spiked to their highest level in over 10 weeks, with 11,697 $100K+ transfers on the network Tuesday, and Wednesday on pace for a high mark as well.
🗣️ Additionally, conversations across social media have veered heavily toward BTC over… pic.twitter.com/Izhq6JeaAd
— Santiment (@santimentfeed) October 16, 2024
On top of whale activities, Bitcoin ETFs have attracted considerable investments, highlighting the growing interest from institutional players. As of October 16th, Bitcoin ETFs recorded an impressive inflow of $458.54 million in one day, which brings the total net inflow to an astonishing $20.19 billion. This consistent flow of capital into Bitcoin ETFs showcases how institutional investors are increasingly viewing Bitcoin as an essential asset. With this rising adoption and the ongoing influx of funds into ETFs, it’s evident that Bitcoin is firmly establishing itself as a cornerstone in both retail and institutional investment portfolios. However, there are more!
Donald Trump Takes Lead In Prediction Market
Currently, Donald Trump has a considerable edge over Kamala Harris in the prediction markets. Both Kalshi and Polymarket voters are favoring Trump over Harris. This uptick in support may be influenced by changes in key voter demographics and a clear dip in Harris’s popularity within the traditional Democratic mass. Market analyst Jack Such notes that Trump’s better odds indicate he has a broader support base instead of the previously perceived slight lead in swing states. As support for Trump has risen, investors have taken note that Bitcoin’s price has also pumped up just weeks before the big day! Bitcoin prediction suggests that its value could soon shoot up to $70,000 if the ongoing support for Trump continues to grow. The connection between political events and the crypto market suggests that Bitcoin could hit even $85K if Trump’s chances further continue to improve.
Technical Parameters Yell $70K
The latest MACD chart for Bitcoin reveals a strong bullish trend, with the MACD line positioned above the signal line, with increasing green histogram bars that indicate rising momentum. This bullish crossover points to the possibility of the upward momentum keeping on. Currently, Bitcoin is facing resistance around the $68,000 mark with a significant barrier ahead with the psychological level being $70,000. If Bitcoin manages to break through this resistance point, it will pave the way for further price increases.
Several factors bode well for Bitcoin’s uptick to $70,000. First, the institutional support that Bitcoin is enjoying currently; second, the noticeable increase in whale activity; third, the growing investor interest in ETFs; and lastly, the political landscape hinting at a possibly pro-crypto administration. These elements, combined with the bullish MACD signal, have set the stage for a possible price rally for Bitcoin to the $70,000 mark.
