by KEY POINTS
- Many $BTC holders expect the coin to continue rising to a new all-time high
- Some have urged other Bitcoin users to continue observing as the rally could be ‘temporary’
- Bitcoin’s rise caused a rise in other top tokens, including $ETH, $BNB and $DOGE
Bitcoin’s struggle to get closer to its all-time high above $73,000 could be coming to an end as the price rose above $71,000 late on Monday. With just seven days to go until the US elections, expectations are rising for a potential new all-time high.
Bitcoin started the day at around $67,000 before gradually rising to break the $70,000 mark. Late Monday night, the digital currency finally rose, at one point reaching $71,500, data from CoinGecko showed.
Coin gecko
Crypto community on X Goes Wild
The BTC meme season on X officially started once the digital currency reached $70,000. Bitcoin users flooded Elon Musk’s social media platform with memes about how BTC bulls and maximalists might react as Bitcoin challenges its record high from March.
One user was amazed at how Bitcoin added $5,000 in a day, calling it the 12-hour “Jesus candle we’ve all been waiting for.” Another user is looking forward to how quickly the world’s first decentralized cryptocurrency will “go to a new all-time high.”
Is it a ‘temporary’ rally?
While most Bitcoin holders are celebrating the digital currency’s significant rise, there were still some who pointed out that the 24-hour rally might be “temporary.”
One user pointed out that the rally may have been driven by recent factors, such as statements from VanEck’s head of digital asset research Matthew Sigel, and predictions that Bitcoin will do well under a second Donald Trump presidency.
Sigel said specifically on Monday that “if Bitcoin were to reach a modest 2% weight in global central bank reserves, our model predicts a price of approximately $3 million per Bitcoin.” He also said that VanEck’s long-term model assumes that BTC could become “a reserve asset by 2050.”
“This is a very bullish setup for bitcoin in the election. We saw the exact same pattern in 2020 where bitcoin lagged with low volatility and once a winner was announced we had high volatility as new buyers entered this market, ” say @matthew_sigel by @vaneck_us. pic.twitter.com/EcIzPAGAq0
— Squawk Box (@SquawkCNBC) October 28, 2024
However, some crypto users believe that the bullish statements on BTC “could lead to temporary rallies” and that there would need to be a “material break above $73,000” to conclude that the coin’s current uptrend is not just “a classic bull trap”.
Despite some questions about whether BTC’s rebound will last long this time, others are still optimistic that this could be just the beginning of another bull run.
$BTC pulls up crypto comrades
As has often been the case when BTC prices rise, other cryptocurrencies in the top positions were also positively affected by Bitcoin’s rally on Monday.
Ethereum (ETH) is up 5.0% over the past 24 hours, while BNB is up 3.3%. Solana (SOL), which has recently gained ground against its other ‘altcoin’ peers, climbed 3.4%.
The biggest gainer in CoinGecko’s Top 10 largest crypto tokens by market cap was Dogecoin (DOGE), whose 15% rise over the past day may also have been driven by Elon Musk’s promises that his Department of Government Efficiency (DOGE) would be under a Trump administration will fall. The government will save “at least” $2 trillion from the US budget.
