Bitcoin Consolidates As Analysts Predict New All-Time Highs

According to U.Today, cryptocurrency analyst and trader Michael van de Poppe recently shared his insights on Bitcoin's current situation and future price movements. Van de Poppe, known on Crypto X as @CryptoMichNL, emphasized that Bitcoin is consolidating before continuing its rise toward new all-time highs. He identified $70,000 as the critical level for Bitcoin to maintain in order to achieve this upward trajectory. In his tweet, he stated, 'As long as we stay above $70K, it's party time.' Earlier this week, Van de Poppe predicted that Bitcoin could reach $80,000 in November and potentially jump to $90,000-$100,000 in December. This week, Bitcoin experienced a significant price increase of 7%, rising from $68,410 to $73,220 between Monday and Tuesday. Since then, Bitcoin has seen a minor loss of 1.3% and is currently trading at $72,256 per coin. The latest all-time high for Bitcoin was recorded on March 14 at $73,750, and it is now just 1.93% below that level. Analysts attribute the recent price surge to record-breaking Bitcoin ETF inflows and monetary loosening measures in the U.S. and other major economies. On October 30, the @spotonchain analytics account on X reported significant inflows into spot Bitcoin ETFs, with BlackRock's IBIT receiving a massive $872 million in a single day. This marks one of the largest inflows for the fund since its launch in January this year. Other ETFs saw smaller inflows, with Fidelity reporting $12.6 million, VanEck $4.1 million, and Grayscale Mini Trust $8 million. Invesco and Valkyrie had inflows of $7.2 million and $6.1 million, respectively, while Bitwise ETF faced a substantial outflow of $23.9 million.