Bitcoin Surpasses $72,000

On the morning of October 29, the price of the leading cryptocurrency rose above $71,000.

October 29, 2024 | 18:08Update:

The price of Bitcoin exceeded $72,400.

At the time of writing, Bitcoin is trading around $71,200. Over the past 24 hours, the asset has appreciated by 4.7%, according to CoinGecko.

All top-10 cryptocurrencies by market capitalization showed growth amid the flagship’s upward movement. Dogecoin (DOGE) saw the most significant increase over 24 hours, rising by 15.4%.

The total market capitalization increased to $2.51 trillion. BTC’s dominance index stands at 56%, while ETH’s is 12.6%.

Technical analyst Peter Brandt suggested that the digital gold’s chart has completed a “broadening inverted triangle” pattern formed over the past five months.

B I T C O I N $BTC
The 5-month inverted expanding triangle has now been completed
Follow through will be important
The post halving advance may have begun
The series of lower highs and lower lows since March has come to an end pic.twitter.com/lth9fLv0yt

— Peter Brandt (@PeterLBrandt) October 29, 2024

“The post-halving advance may have begun. The series of lower highs and lower lows since March has come to an end,” the expert suggested.

Earlier, analysts at Bernstein linked Bitcoin’s October rally to the increasing chances of Donald Trump winning the US presidential election. The firm’s specialists reiterated their forecast of a $200,000 price by the end of 2025, calling it “conservative.”

Jeff Kendrick, head of digital asset research at Standard Chartered, stated that the leading cryptocurrency will surpass its historical high of $73,000 amid the elections.

On October 21, Bitcoin’s price tested $69,000, but by the weekend, it had retreated to around $66,000 amid concerns over the global economic impact of Israel’s strike on Iran.