Bitcoin Surpasses $65,000 Level, Altcoins Eye ‘Only Up’ Season

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Bitcoin price surpassed $65,000 on Monday after breaking through the $64,000 mark and extending its rally to $64,800, according to TradingView data. At press time, BTC is trading at around $64,900, about 11% lower than the all-time high of $73,000 set in March of this year.

As the bulls take charge, the crypto market cap surpasses $2.3 trillion, up more than 1% in the last 24 hours, according to CoinGecko. Altcoins are experiencing a broad-based rally, hinting at the possibility of a sustained market uptrend.

Solana-based memecoins are in the spotlight, with the top gainers being Book of Meme (BOME), Slerf (SLERF), Billy (BILLY), and GME (GME). Over the past 24 hours, BILLY and BOME have jumped about 16% each, SLERF 20%, and GME 27%.

Sui (SUI) also made headlines as it hit a new all-time high of $2.35 over the weekend. With its market capitalization of approximately $6.1 billion, SUI now joins the top 20 crypto assets, surpassing Near (NEAR), Polkadot (DOT), and Uniswap (UNI).

According to a recent statement from crypto analyst Mustache, the seasonal Altcoin Index is forming a bullish inverted head and shoulders pattern. This trend, which has not been seen in 3.5 years, is often seen as a strong signal of an impending “bull only” season for altcoins.

#Altcoins

The Altcoin Season Index forms one of the most bullish patterns in 3.5 years: inverted head and shoulders.

The only season is close IMO.

The pain we have had to endure over the past few years will soon disappear into thin air.

I wish everyone the best for this journey.🩵 pic.twitter.com/H4mk5ISpBJ

— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) October 11, 2024

Bitcoin eyes higher levels with China’s economic recovery and US presidential election

Bitcoin price recently fell below $60,000 following higher-than-expected US inflation data. Even though the inflation rate has not met expectations, it remains on a downward trend.

Last week’s drop below $60,000 is now considered an outlier as Bitcoin gains momentum. The resurgence comes amid a rally in the Chinese stock market, influenced by China’s recent economic stimulus measures.

In an effort to revive the country’s economy, Chinese Finance Minister Lan Fo’an announced plans to implement a fiscal stimulus plan, but the exact amount of the plan was not disclosed. In response to these stimulus measures, the Shanghai Composite Index increased by 2.12%.

“A key driver of this dynamic appears to be China’s recently announced stimulus package, which has supported market sentiment,” noted analyst Min Jung of Presto Research.

Augustine Fan, Head of Analytics at SOFA.org, commented:

“Bitcoin prices soared above $64,000 as Chinese stocks rebounded from weekend disappointments, fueling “buy everything” sentiment in the markets.

Aside from China’s stimulus measures, the upcoming US presidential election, which is typically associated with increased market activity, could also serve as a positive catalyst for Bitcoin price action.

Steven Lubka, head of private clients and family offices at Swan Bitcoin, said Bitcoin could soon reach $100,000 no matter who is in the office.

“Do I think we’ll be in the six figures by 2025? Almost certainly. Do I think we’ll be in the six figures regardless of who wins? Almost certainly,” Lubka said.

Former President Donald Trump’s vocal support for Bitcoin and the crypto industry has led some to speculate that his potential re-election could benefit Bitcoin and the broader crypto market. Its recent engagements with the crypto community and promises to support the industry have sparked optimism among investors.

Although she has not expressed strong support for the industry, Trump’s rival, Vice President Kamala Harris, pledges to foster innovation by promoting AI, digital assets and privacy. investors.

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