The price of BTC has once again exceeded $70,000, with a growth of over 4% in the past 24 hours, and is now hovering around $71,000. ETH, which has been almost bearish in the market, also dropped to $2,382 before oscillating upwards to above $2,600. After a few days of retracement, some altcoins have finally begun to rebound. However, the rise of altcoins is still disappointing, leading to many people mocking them.

For the first time, the big cake reached $70,000, and the account balance is 1 million.

For the second time, the big cake reached $70,000, and the account balance is 780,000.

For the third time, the big cake reached $70,000, and the account balance is 600,000.

For the fourth time, the big cake reached $70,000, and the account balance is 560,000.

For the fifth time, the big cake reached $70,000, and the account balance is 140,000.

For the sixth time, the big cake reached $70,000, and the account balance is 200,000.

It went up, how much is your remaining balance?

Is it bullish to go above seventy thousand this time?

The Fed is about to cut interest rates again.

The Federal Reserve will hold a policy meeting on 6-7 November. At present, the market is almost certain that the central bank will cut interest rates by 25 basis points. The probability of a 25 basis point rate cut in November is as high as 98.4%, with a 1.6% probability of no rate cut, and 0% probability of a 50 basis point cut.

Further rate cuts by the Federal Reserve will inject more funds into global liquidity and benefit risk assets. With liquidity becoming increasingly abundant, market sentiment towards cryptos has significantly improved.

microsoft plans to buy bitcoin

More and more large companies are considering bitcoin as a strategic reserve.

In the Form 10-Q filing submitted to the US Securities and Exchange Commission on Thursday, microsoft listed issues to be discussed at the next shareholder meeting. One proposal suggests that this technology company should research bitcoin to hedge against inflation and other macroeconomic impacts.

Microsoft's largest shareholders include Vanguard, BlackRock, and State Street.

BTC spot ETF continues to see continuous inflows.

Bitcoin spot ETF data shows that since this month, its buying funds have been quite strong. Only 7 days had net outflows, and the remaining 12 days had net inflows, with a significant amount. On October 14th, net inflows exceeded $0.55586 billion in a single day.

Currently, the total net inflows of the U.S. Bitcoin spot ETF have reached $21.93 billion, with the total on-chain holdings exceeding 1 million BTC. The U.S. Bitcoin spot ETF's share is about 20%, and asset management companies hold about 0.193 million BTC.institutional holdingsAccounting for approximately 20%, asset management companies hold about 0.193 million BTC in the U.S. Bitcoin spot ETF.

The election is imminent.

Typically, the cryptocurrency market will see a good increase before and after the US election. After the last election results were announced, there was even an increase, but there were declines in the first two days and the last two days.

In addition, for the cryptocurrency market, whether it's Harris or Trump taking office, it is generally considered bullish in the long term. Therefore, some funds choose to continuously bet on the future market trends.

Bitcoin will be the best investment choice in the coming quarters and will outperform Ethereum. The latter is currently facing difficulties in foundation selling for liquidity, as it needs funds to support long-term development needs. On the other hand, Bitcoin can benefit from political risk hedging, inflation, and currency crisis themes.

Will Bitcoin surge to 100,000 after the election?

Despite possible short-term market fluctuations, once the market conditions improve, it is not far-fetched for the price of Bitcoin to surpass $0.1 million or even higher.

As BTC continues to attract attention and focus, it is absorbing more and more industry liquidity, which may weaken the upside potential of altcoins in the coming months. Leading institutional companies like MicroStrategy are opening the door to their corporate balance sheets, and investment giants like Paul Tudor Jones are making BTC mainstream in financial investment portfolios.

After the election results are announced, profit-taking may put pressure on the price of bitcoin, but buyers who buy on dips should find strong support below 0.06 million USD. Regardless of the election outcome, bitcoin is expected to regain its footing in the medium term and reach new highs in 2024.

Bitcoin has successfully broken free from the recent downtrend and is likely to start a new upward cycle.

The recent rise in bitcoin is because it has re-crossed the important 50-week moving average line.ResistanceFurthermore, historical data shows that bitcoin's price is often impacted by the 50-week moving average line. In recent times, the 50-week moving average line has repeatedly served as a support level for bitcoin prices, indicating it is a very reliable support.

Even without significant catalysts like the launch of a bitcoin ETF at the beginning of the year, if bitcoin can repeat the bull market trend from November 2022 to March 2024, reaching the target of 0.1 million USD is just a matter of time.