Bitcoin Tests $69,000 Milestone

On the night of October 20-21, the price of the leading cryptocurrency surpassed the $69,000 mark, registering a 1.2% increase over 24 hours. 

At its peak, digital gold reached $69,500. 

Bitcoin’s momentum pushed other top-10 market cap assets into the “green zone.” Ethereum rose to $2700, marking a 3.5% increase over 24 hours.

According to Coinglass, the liquidation volume over the past day reached $135.4 million, with the majority ($96.1 million) stemming from short positions. 

Simultaneously, the cryptocurrency fear and greed index reached 72, indicating “greed” in the market.

Crypto analyst Ali Martinez stated that one of his primary indicators for assessing Bitcoin’s trend — MVRV Momentum — has re-entered the optimistic zone. 

One of my go-to indicators for gauging #Bitcoin‘s trend, the MVRV Momentum, has flipped bullish again!!! pic.twitter.com/qOtIJgXTWe

— Ali (@ali_charts) October 20, 2024

Regarding the second-largest cryptocurrency by market cap, the expert highlighted the importance of the $2660 support level. As long as the asset remains above this threshold, it could rise to $3300, Martinez believes. 

#Ethereum appears to be breaking out! As long as the $2,660 support holds, $ETH could rise to $3,300! pic.twitter.com/6pfcRyyiaP

— Ali (@ali_charts) October 20, 2024

Analyst Ted Pillows opined that the downtrend has ended, and Bitcoin’s consolidation and accumulation are nearly complete. 

??? ????? ?????? ?

The downtrend is over ✅

Consolidation and accumulation are almost done ✅

Now, it’s time for the parabolic phase ?

Those who have held $BTC from March till now, don’t panic sell and accumulate pic.twitter.com/BxSmkztEPq

— Ted (@TedPillows) October 19, 2024

“Now it’s time for the parabolic phase,” he noted. 

Previously, TV host and Heisenberg Capital founder Max Keiser predicted a “soon” rise in Bitcoin to $220,000. 

Earlier, Bernstein linked the rally of the leading cryptocurrency to the increased chances of Donald Trump winning the U.S. presidential election in November.