Bitcoin Price Prediction as BTC Hits $71,000 – Is the Bull Run Here?

The broader crypto market has been green in the past 24 hours, with altcoins hitting new highs. This bullish sentiment comes after Bitcoin (BTC) finally broke past the $71,000 mark.

With several factors supporting the momentum, many believe this could signal the start of a new rally. The upcoming US election is also pivotal, as market participants anticipate its potential impact on Bitcoin's price.

As traders position themselves for further gains, the question remains: Is the bull run truly here?

Bitcoin (BTC) Primed For More Gains as Key Indicators Flash Bullish Signals

Bitcoin started a bullish trend in mid-October after dipping below $59,000 from $66,000 in late September. Earlier today, BTC's price surged above its July high, reaching $71,600

This pump boosted Bitcoin's market cap to $1.40 trillion, and the 24-hour trading volume surged to $48.8 billion. Bitcoin (BTC) istradingat $71,199.

Bitcoin's recent surge past $71,000 has stirred bullish expectations, with technical indicators pointing to even more upward momentum.

Several signals suggest that BTC is poised for further gains, making the current trend worth watching. One of the most important indicators is Bitcoin's position above the 50-day and 200-day Simple Moving Averages (SMA).

These SMAs have formed a golden cross," a critical bullish signal where the short-term average crosses above the long-term average. This crossover strongly indicates continued upward movement, as it reflects growing buying pressure.

The SMAs could also act as intense support levels in case of a retracement. Even if sellers enter the market and the price pulls back, the support from these averages may limit the drop to the $63,000 region. This potential dip could offer traders a buying opportunity before the next leg up.

The Relative Strength Index (RSI), currently at 68, also adds to the bullish sentiment. Since the RSI is not yet above 70, there is still room for the price to push higher before facing a potential correction.

Bollinger Bands and CMF Confirm Positive Trend

Adding to this bullish outlook, Bitcoin is nearing a breakout above the upper Bollinger Band. This indicator, which measures volatility, suggests that a price breakout could be on the horizon.

Breaking above the Bollinger Band would likely trigger more buying, pushing BTC to new highs. Another positive sign is the Chaikin Money Flow (CMF) indicator, which measures the buying and selling pressure.

The CMF has surged from 0.11 last week to 0.31, indicating a significant increase in capital flowing into Bitcoin.

With these technical indicators aligning in favor of a continued uptrend, Bitcoin appears ready for further gains. The bullish indicators suggest that BTC's rally is far from over.

US Elections Could Boost Bitcoin's Price

Many believe the results of the upcoming US elections could push Bitcoin higher. According toBloomberg, Bitcoin is expected to gain momentum regardless of who wins.

Traders are already positioning themselves for Bitcoin to hit new highs after the elections. Bloomberg report shows that Options traders are betting on Bitcoin reaching $75,000 by November.

A Republican win, especially with Donald Trump, would be positive for the crypto market. Trump's pro-Bitcoin stance and promises to support the industry fuel this belief.

However, some analysts think Bitcoin could rise even if Kamala Harris wins. So, regardless of the outcome, the November 5 election may offer a strong push for Bitcoin's price.

Bitcoin's Next Price Peak Predicted for 2025

After studying Bitcoin's past cycles and Fibonacci levels, analyst EGRAG suggests its next price peak could happen in mid to late 2025.

#BTC Cycle Top Countdown ( June or September 2025):

Mark your calendars for June 2025 or September 2025! Here's the reasoning behind these dates:

***Cycle Analysis:***

Cycle 1: #BTC took 245 days to reach its Cycle Top after closing one full-body candle above Fib 1.... pic.twitter.com/JNzgh0s4ML

- EGRAG CRYPTO (@egragcrypto) October 25, 2024

EGRAG identified patterns in Bitcoin's price movements across four significant cycles. In each cycle, Bitcoin reaches new highs within months after breaking key resistance levels.

In the first cycle (2011-2013), Bitcoin peaked at $1,242 after 245 days. The second cycle (2013-2017) took 214 days for Bitcoin to hit $19,785. In the third cycle, Bitcoin peaked at $68,997 in November 2021 after 335 days.

Based on these patterns, EGRAG predicts Bitcoin's next peak could happen in June 2025 or possibly as late as September 2025.

This prediction assumes Bitcoin will soon break above the Fibonacci 1 level, currently at $69,725. According to the Fibonacci 1.618 level, Bitcoin could rally toward $176,061 after breaking this level.

Another analyst, Peter Brandt, suggested Bitcoin could reach $135,000, though he believes the market is still bearish.

Here is the macro picture of Bitcoin $BTC
Observations:
-Huge gains come in post-half of halving cycles
-Period since Mar 2024 appears as insignificant, brief pause in ongoing trend
-My target is $135,000 in Aug/Sep 2025
-Close below $48K negates my chart analysis pic.twitter.com/niptj2Umu7

- Peter Brandt (@PeterLBrandt) October 9, 2024

Is FreeDum Fighters the New Rival Leading Coins?

As investors monitor the market closely and await BTC's next move, new projects like FreeDum Fighters are also gaining significant traction.

FreeDum Fighters ($DUM) is emerging as a potential alternative. Its unique features and staking opportunities have caught the attention of many, and its early presale offers are attracting investors.

FreeDum Fighters Offers Political Satire and High Returns

FreeDum Fighters ($DUM) brings a mix of political satire and high-yield staking. The project features two robot candidates, MAGATRON and Kamacop 9000.

Holders can stake their tokens on their favorite candidate. MAGATRON is currently offering 315.79% APY. Over 5.3 billion tokens have been staked so far, showing strong interest.

The project also runs social media debates, rewarding the winning side with extra tokens. This utility makes FreeDum Fighters unique from other projects in the space.

DUM Token Presale Sees Rapid Growth as Predictions Soar

Since its launch, the DUM token presale has raised over $340,000. Currently, early buyers are securing DUM tokens at $0.00006 each, with analysts predicting up to 10x returns. This could increase the token's market cap to $135 million.

Moreover, different security companies have audited the project, boosting confidence in the project. Visit the official website to explore the FreeDum Fighters presale and decide if it fits your investment needs.

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