The Post-Halving Upcycle: Bitcoin is Eyeing $75k Confidently

With the start of the post-halving cycle, Bitcoin seems primed for a new all-time high. This time, the leading cryptocurrency has charged toward a fresh peak of $73,800. And unlike some recent rallies, this one’s got serious horsepower under the hood, with fundamental factors suggesting the bull market.

Crypto market capitalization surged 4.7% to $2.4 trillion over the past 24 hours, reaching its highest levels since late July. Back then, the market hit a wall and soon turned downward. But this time, there’s a brighter outlook as the market has been trending upward since early September.  

Bitcoin’s strength is lighting a fire under the altcoins as well. On Tuesday, only four tokens out of the top 200 showed losses of more than 0.5%, as Bitcoin’s rally to new highs rekindled traders’ interest in the altcoin market.  

With a solid 5% gain, Bitcoin is moving in sync with the market, though still trailing behind Ethereum’s 5.5% jump, Doge’s 16% spike, and Bitcoin Cash’s 10% boost.

Why Is the Next Bitcoin Rally Unstoppable?

On October 29, 2024, Bitcoin rose back above $73,000, buoyed by several key factors shaping the market.  

The Upcoming U.S. Presidential Election

With the elections approaching, the market anticipates that the next administration, whether led by Trump or Harris, may take a more crypto-friendly stance. Both candidates have expressed a commitment to establishing clearer regulatory frameworks for digital assets. Trump, in particular, has been actively courting support from the crypto community, adding a spark of optimism that’s boosted Bitcoin’s momentum.  

Bitcoin Dominance at 60%

Bitcoin’s market dominance, a measure of BTC’s share of the overall crypto market, hit 60% on October 29, a level not seen since March 2021. Some traders view Bitcoin dominance alongside the Crypto Fear&Greed Index as an indicator of investor sentiment. With BTC dominance and price trending upward, a bullish run may be on the horizon.  

Demand for Bitcoin ETFs

Another crucial factor is the strong demand for spot Bitcoin ETFs. The recent price surge is closely linked to inflows into these ETFs, with U.S.-based Bitcoin ETFs raking in $2.4 billion in net inflows over just six days. This figure marks a new high since the ETFs launched in January 2024, delivering robust buying power and solid support for Bitcoin’s market.  

Technical Indicators Boost the Bullish Trend

Recently, Bitcoin’s 50-day moving average crossed above its 200-day moving average, forming a “golden cross”, often seen as the beginning of a bullish phase. Additionally, Bitcoin’s Relative Strength Index (RSI) remains in positive territory, suggesting that the market could keep breaking resistance levels and potentially reach the yearly high of $73,000.  

Post-halving upcycle

Bitcoin miner reserves are dwindling, indicating that miners are holding rather than selling. With fewer BTC rewards entering the market and miners choosing to hold, the available Bitcoin supply is shrinking. This “supply shock” could fuel price increases, as limited supply combined with steady or rising demand usually drives prices up.

Together, these factors create a favorable environment for Bitcoin’s price growth, although short-term market volatility remains high.

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