Bitcoin Nears a New All-Time High

Bitcoin is on the brink of breaking its all-time high, with its recent surge reaching $73,620 overnight—just $150 shy of the previous high set in March. I anticipated BTC would hit a new peak soon, but it may occur as early as tomorrow.

Bitcoin dominance continues to rise, now surpassing 60% for the first time since April 2021. This is an incredibly bullish sign for the entire space, as we’re still in the early stages of this bull run where Bitcoin’s strength leads, and altcoins soon follow. Our altcoin favorites, Solana and Sui, have outperformed many others; Solana recently hit $184 (we covered SOL at $137 in our Stormrake Spotlight), and Sui surged by 16% just yesterday. We predict these two will lead the altcoin market over the next 12 months.

Any pullbacks should be viewed as opportunities to increase BTC holdings or positions in strong altcoins like Sui and Solana.

With the U.S. election less than a week away, market volatility is expected to rise. This election could be one of the most impactful events in recent history, and with uncertainty around the winning party, volatility is anticipated. While betting markets slightly favor a Trump victory, polls indicate it could go either way. Regardless of the outcome, even if a larger pullback occurs if Harris wins, our long-term conviction in BTC remains firm, with expectations for continued growth in 2025.

If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.

Stormrake Spotlight: DOGE ($0.17564)

DOGE has continued to lead the memecoin space, gaining 11% since yesterday’s morning note. It’s likely to maintain strong performance as BTC leads the market.

BTC/USD Key Levels and Price Action:

Bitcoin narrowly missed its previous all-time high and is currently pulling back slightly. The 21 EMA and the key support level around $71.8k are likely to provide support and act as a bounce zone. If BTC bounces here, it may reload for another attempt at the ATH of $73,777. No signs of bearishness are present.

BTC Total ETF Flows for 29 Oct: $ + 227.2 million

ETH/USD Key Levels and Price Action:

Ethereum has finally broken above resistance around $2500-$2600 and is trading above, retesting the 21EMA for support. Like BTC, this level could provide a bounce zone during bullish trends, with additional support at $2,556. No bearish threat is indicated.

ETH Total ETF Flows for 29 Oct: $ - 6 million

Written by Alexandar Artis

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