Bitcoin Surge Ahead: Is BTC on Track for a Massive 6X Jump to $462,000?
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Bitcoin Surge Ahead: Is BTC on Track for a Massive 6X Jump to $462,000?

Market Sentiment
bitcoin
cryptocurrency
marketanalysis
etf
investment
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Summary:

  • Bitcoin surpasses $70,000 and $72,000, indicating strong demand.

  • Analyst predicts 6X surge to $462,000 based on key resistance breaks.

  • Historical price action suggests BTC peaks between 1.618 and 2.272 Fibonacci levels.

  • Institutions are significantly investing in Bitcoin through spot ETFs.

  • On October 29, spot Bitcoin ETFs in the U.S. bought $870 million in BTC shares.

Bitcoin is on a remarkable upward trajectory, recently surpassing $70,000 and $72,000, igniting a surge in demand. While the price movements are currently confined within a narrow range, the overall uptrend remains intact. Although there have been some signs of weakness earlier today, the candlestick formations on daily and weekly charts indicate underlying strength.

Is Bitcoin Preparing For A 6X Surge To $462,000?

In a recent post on X, an analyst has suggested that Bitcoin might not only break its all-time high of $74,000 but could also 6X to over $462,000 in the near future. This bullish outlook is supported by the coin's breakout above key resistance levels, and Fibonacci extension levels suggest a significant shift in trend after the Q3 2024 plunge.

Historical price action indicates that BTC often peaks between the 1.618 and 2.272 Fibonacci extension levels. Technical analysts utilize this tool to predict the speed of price rallies or declines based on specific price ranges.

BTC to $462,000 | Source: @ali_charts via X

If historical trends and Fibonacci levels hold, Bitcoin could potentially soar to a range of $174,000 to $462,000, which marks the lower and upper limits of past cycle peaks.

Despite the optimistic forecast, it's essential to acknowledge that the Fibonacci extension ranges are subjective and can vary between analysts, thereby affecting potential peak projections.

Institutions Buying As BTC Recovers

The consensus is that Bitcoin is poised to reach new all-time highs in Q4 2024. Another analyst noted that Bitcoin is already forming a bullish breakout, moving past a descending channel or bull flag, while simultaneously breaking above the resistance of a “cup and handle” pattern.

If bullish momentum continues, it would validate the gains observed in Q1 2024, marking a significant rebound following a 30% drop from March highs.

Amid this optimistic landscape, institutional investors are increasingly engaging with Bitcoin through spot Bitcoin ETFs. According to SosoValue, there have been substantial inflows of institutional investments as they acquire more shares on behalf of their clients.

Spot Bitcoin ETF netflows | Source: SosoValue

On October 29, spot Bitcoin ETF issuers in the U.S. purchased $870 million worth of shares backed by BTC for their clients. BlackRock’s IBIT received $642 million, bringing their total BTC under management to over $24.9 billion.

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