Bitcoin (BTC) Price Will Probably End October in a Bullish Narrative, Which Will Extend in the Remaining Weeks of 2024 Amid High-Impact News Ahead

After rallying to almost the previous all-time high (ATH), Bitcoin (BTC) price has been retesting a crucial support level of around $72K in the past two days.

output: Bitcoin (BTC) price is likely to close October on a bullish note, which will extend in the remaining weeks of 2024 amid high-impact news from the United States.

After rallying to almost the previous all-time high (ATH), Bitcoin price has been retesting a crucial support level of around $72K in the past two days. But BTC price has lost crucial steam from the recent highs, largely due to the profit-taking mentality among investors.

However, on a macro scale, Bitcoin price is still up by over 100 percent year-to-date and has outperformed most traditional assets, including gold and the S&P 500 index.

From a technical standpoint, BTC price is at the brink of a major technical breakout, which will propel the flagship coin into the parabolic phase of the bull cycle. Having consolidated in a bearish sentiment in the past seven months, Bitcoin price has gained significant bullish momentum.

As covered by Coinspeaker earlier, Bitcoin price needs to consistently close above the resistance range between $71K and $73K and convert it to a support level in order to validate the onset of a parabolic trend.

Bitcoin Bullish Trend Backed by Key US Events

Bitcoin’s bullish sentiment has a higher chance of unfolding in the short term fueled by high-impact news from the United States. Notably, the US 2024 elections will conclude by next week, with pro-crypto candidates led by Donald Trump showing higher approval ratings.

Moreover, the Federal Reserve is expected to initiate another interest rate cut next week, in a bid to boost the country’s economic outlook.

Both events will likely propel Bitcoin’s bullish trend into the parabolic phase, especially considering the approval of spot Bitcoin ETFs in the United States earlier this year.

Bitcoin Whales Shows No Sign of Relenting Soon

The demand for Bitcoin by whale investors has increased drastically in the past year, compared to any other previous crypto bull cycle.

According to on-chain data analysis, the supply of Bitcoin on centralized exchanges has declined from over 2.7 million to below 2.3 million in the last seven months. This decline is largely attributed to the approval of spot BTC ETFs in the United States.

In the past four weeks, the US spot Bitcoin ETFs have registered a net cash inflow of more than $5.5 billion, led by BlackRock’s IBIT.

On Wednesday, October 30, the US spot Bitcoin ETFs registered a net cash inflow of over $893 million. BlackRock’s IBIT purchased Bitcoins for over $872 million, thus currently holding assets of over $30 billion.

The only cash outflow from the US spot Bitcoin ETFs was recorded from Bitwise’s BITB, with an outflow of about $23.8 million.

As a result, the US spot Bitcoin ETFs will surpass Satoshi Nakamoto’s holdings of about 1.1 million in the coming days if BlackRock’s IBIT continues at the current rate of acquisition.

Meanwhile, MicroStrategy Inc (NASDAQ: MSTR) intends to raise $42 billion through a $21 billion ATM equity offering and another $21 billion in fixed-income securities.