As the market faces one of its most volatile weeks—amid the U.S. election and the Federal Open Market Committee (FOMC) meeting—Bitcoin appears primed for a lasting rally.
Historically, major bull runs have followed post-election periods, and analysts are optimistic about Bitcoin’s potential, forecasting it could hit $100,000 by year’s end, regardless of whether Trump or Harris secures the presidency.
The market is entering its most volatile week with the U.S. election and FOMC meeting, but this rally may be here to stay.
Historically, the real bull run begins post-election, and we believe that whether Trump or Harris becomes the next president, $BTC will continue its upward… pic.twitter.com/7cvCo8QxGK
— Spot On Chain (@spotonchain) November 4, 2024
Long-term Bitcoin holders (LTHs) recently sold 177,617 BTC over the past week. Such activity is often seen as a contrarian signal; LTHs typically buy during market dips and reduce holdings during price rallies.
This behavior mirrors patterns observed during previous bull markets in 2018, 2021, and early 2024, suggesting that despite LTH sales, broader demand remains resilient.
Bitcoin Long-Term Holders (🔵) Sold 177,617 BTC in the Last 7 Days
This chart displays Balance Changes by Time Held, offering insight into the movement of older Bitcoin. These older coins, referred to as Long-Term Holders (LTH), typically belong to investors with a long-term… pic.twitter.com/wiCVdIbf9e
— Maartunn (@JA_Maartun) November 4, 2024
Whale Continues Accumulating Bitcoin
Demand for Bitcoin yield-generating options, like staking, is also rising, with over 15% of all Wrapped Bitcoin now staked. Meanwhile, whales continue to accumulate, viewing recent price levels as attractive entry points. Since November 1, five major Bitcoin addresses collectively acquired 2,780 BTC, valued at around $192.4 million.
Over 15% of all Wrapped Bitcoin is now staked, reflecting an ongoing rise in demand for Bitcoin yield-generating options like staking.
Are you staking your Bitcoin to maximize its potential? pic.twitter.com/7z1k5xdBds
— IntoTheBlock (@intotheblock) November 4, 2024
Notable addresses include “1DL34f,” which withdrew 880 BTC (roughly $61.18 million) from Binance at a price of $69,519, now holding over 1,381 BTC. Similarly, address “bc1qw0” added 615 BTC, while “bc1qay” secured 550 BTC at $70,328, all indicating that major players are bullish.
As $BTC drops below $70,000, whales are still accumulating $BTC!
5 whales has accumulated 2,780 $BTC($192.4M) since Nov 1.
1DL34f withdrew 880 $BTC($61.18M) from #Binance at $69,519 and currently holds1,381 $BTC($95.12M).
bc1qw0 withdrew 615 $BTC($41.7M) from #Binance at… pic.twitter.com/SICXpxae9o
— Lookonchain (@lookonchain) November 4, 2024
Adding further optimism, Bitcoin spot ETFs reported an inflow of $2.228 billion between October 28 and November 1, marking the third-highest weekly inflow on record. BlackRock’s ETF, $IBIT, led the surge, drawing $2.15 billion and underscoring investor interest in Bitcoin.
Between October 28 and November 1, Bitcoin spot ETFs raked in a whopping $2.228 billion, making it the third-largest weekly inflow ever.
Leading the charge, BlackRock’s ETF, $IBIT, pulled in a staggering $2.15 billion, highlighting investors’ robust appetite for #Bitcoin. pic.twitter.com/2n953etqDq
— Kyledoops (@kyledoops) November 4, 2024
As Bitcoin’s price hovers near the $70,000 mark, this week’s events could set the stage for a substantial upward trend. With both institutional and whale interest at a high, Bitcoin’s rally may well be poised for more gains.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Source: https://nulltx.com/bitcoins-big-week-election-fomc-meeting-and-strong-signs-of-a-bull-market/