Bitcoin is poised to reach a new all-time high after briefly breaking past the $73,000 mark. This comes as buying pressure increases and the positive sentiment of October continues for the cryptocurrency. Interestingly, there is also a correlation between Bitcoin’s price and Donald Trump’s Polymarket odds for the 2024 election, with both reaching new highs. Bitcoin’s price surge is supported by data showing a drop in exchange reserves and significant net inflows into Bitcoin ETFs. If Bitcoin does reach a new all-time high in the coming days, it will further reinforce the idea that October is historically the best month for Bitcoin returns. Additionally, Trump’s position as a “crypto president” has investors anticipating a potential price surge in the crypto market if he wins the upcoming US presidential elections. While Bitcoin faced resistance near its previous all-time high, a retest of this level could lead to a breakthrough and a new record. However, a decline could find support around the $66,400 price level.
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Bitcoin set sight on new all-time high after briefly breaking past $73,000
