Bitcoin has surged 4% in the last 24 hours to above $71,000, with investors expecting the rally to continue as the US elections approach.
While the expectation of an increase in the market continues, analysts from Singapore-based crypto trading firm QCP Capital evaluated Bitcoin and the situation in the market.
Analysts said the rally in Bitcoin, which surpassed the $70,000 level for the first time in more than seven months, was supported by strong inflows in spot Bitcoin ETFs worth $1 billion and other factors.
Stating that the rise in cryptocurrencies has also spread to crypto-related stocks, analysts said that companies at the intersection of crypto and artificial intelligence such as IREN, Hut 8, Bitdeer and TeraWulf are the ones who benefited the most from the recent rise in Bitcoin.
Analysts stated that the rise in Bitcoin was supported by the increasing probability of Donald Trump's victory, apart from ETF inflows, and said that Bitcoin was in a better position for the rise compared to stocks.
QCP analysts recently stated that the continuous open interest in the stock markets is at its highest level in a year and gives a strong signal for an increase, saying:
“Bitcoin is up 3.5% since our last comment, topping $70,000 for the first time in over seven months.
This is supported by several factors, including strong spot ETF inflows of almost $1 billion last week.
Rising odds of a Trump victory have supported both stocks and Bitcoin.
“While call options have softened as BTC consolidates above the 70,000 level, sustained open interest on exchanges is at a yearly high, signaling a strong position for potential upside.”
Analysts finally added that if Bitcoin stays above $70,000 this week, the price could rise to ATH and potentially even higher levels.
*This is not investment advice.