Bitcoin’s shallow pullback shows buyers are not rushing to the exit and increases the likelihood of a rebound to new all-time highs. Will altcoins follow?
Bitcoin (BTC) bulls failed to push the price to a new all-time high on Oct. 29, but a positive sign is that they have not ceded much ground to the bears on Oct. 30. This suggests that the bulls are holding on to their positions in anticipation of a move higher.
United States Bitcoin exchange-traded funds witnessed massive inflows of $827 million on Oct. 29, according to CoinGlass data. This suggests that investors expect the sideways price action to resolve to the upside. Crypto research firm 10x Research projects Bitcoin to hit $100,000 by January 2025.
Crypto market data daily view. Source: Coin360
