Bitcoin Nears $74k Mark, Analysts Predict New All-Time High Amid ‘Rising Bullish Momentum’

Bitcoin continues to tease a new all-time high, flying past US$73K several times in the past few days, with its eyes firmly on the US$74K mark. At the time of writing Bitcoin is trading for US$72,209 (AU$109,905) as per data from CoinMarketCap. That’s an increase of 7.54% in the past week and 14% in the past month.

Retail Absent and a Trump Win?

In an emailed statement, Josh Gilbert, Market Analyst at eToro, told CNA:

Compared to other cycles, retail investor interest doesn’t seem to have reached its peak, despite bitcoin closing in on those record highs. This could be a catalyst to keep driving the price of the crypto asset higher from here. Historically, when bitcoin gains momentum, the upward trend often remains unbroken for weeks or even months.

Josh Gilbert, Market Analyst at eToro

Related: Arthur Hayes Reveals How China Could Help Bitcoin Surge

Gilbert believes BTC is moving toward new highs as it appears “within touching distance of the $74,000 record high set back in March”.

The analyst is among many who believe the market is now factoring in a Donald Trump win in the US election. Trump is seen as the better alternative for Bitcoin, driving “bullish momentum”.

A quiet but steady bullish momentum has been brewing over the past few weeks following months of consolidation, as the asset looks to be pricing in a Donald Trump election win, the clear bitcoin advocate of the two competing candidates.

Josh Gilbert, Market Analyst at eToro

Scaramucci Says It’s Still Early Days for Bitcoin

In case you’re wondering whether it’s too late to buy Bitcoin – as it approaches new all-time highs – here’s the founder of SkyBridge Capital, Anthony Scaramucci, who believes it’s “still very early”.

This could be due to a real lack of interest from retail investors, who haven’t really come back into the market yet.

Additionally, in an interview in August, Scaramucci said Bitcoin hasn’t even reached its status as a store of value yet. The former White House Director of Communications said Bitcoin is still “an early adopting technology”.

Related: Bitcoin Could Hit $200K by Tapping Into Gold’s Market, Says Bitwise’s Hougan

In his view, the real drive forward for BTC will happen once it has many more applications built on and around it, and importantly, once the “Wall Street Selling Machine” starts to ramp up its efforts.

Just imagine tens of thousands of financial advisers explaining to people out there that they need a position of this in their portfolio.

Anthony Scaramucci