Bitcoin (BTC) has exhibited notable bullish momentum, rising 9.7% from Oct. 27 to Oct. 29 and reaching a peak of $73,575 before stabilizing at a pivotal support level around $71,850 – a 23.6% Fibonacci retracement on Oct. 30. This level is key to sustaining upward movement, with recent candlestick patterns above it signaling potential continuation toward resistance levels at $73,600, $75,070, and $76,630.
This technical strength suggests a promising near-term outlook for BTC if it maintains its position above $71,850. Renowned investor Anthony Scaramucci even forecasts a lofty $170,000 valuation for Bitcoin by mid-2026. His bullish stance is underpinned by the U.S. government’s anticipated approach to managing its debt issues, likely through controlled inflation – a strategy that may relieve the debt load but impact savers and lower-income earners. Scaramucci envisions a strong market demand for BTC as investor sentiment strengthens, which could catalyze higher prices.
Adding to the institutional interest, MicroStrategy has launched an ambitious “21/21 Plan,” aiming to raise $42 billion over three years to acquire additional Bitcoin. ChangeNOW CMO Pauline Shangett commented on this plan,
“Should MicroStrategy successfully implement this strategy, it could absorb a substantial portion of Bitcoin’s limited supply, increasing scarcity and potentially driving up prices. Their plan can become a powerful endorsement of Bitcoin as a corporate treasury asset, potentially accelerating its long-term value.”
With this upward momentum, Bitcoin’s performance may also influence the altcoin market, where assets could see rapid appreciation if Bitcoin breaks the coveted $100,000 threshold, providing strategic opportunities for investors in the broader crypto space.
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Author: Adrian Barkley
