The price of BTC continues to give a lot to talk about and on the current day of November 7, 2024 marked a new all-time high when trading at $76,992 on various exchanges.
As shown by our TradingView chart, which reflects the quote belonging to the Bitstamp exchange, the price of BTC reached $76,992 around 21:00 UTC.
Let us remember that the rise of BTC to surpass new key levels occurred after the election of Donald Trump as president of the United States. However, today’s rally was fueled by the Federal Reserve’s announcement of a new interest rate cut by 0.25 percentage points.
Other cryptocurrencies such as Ethereum showed significant increases that led them to surpass key levels: in the case of ETH, it surpassed the key line of 2,900 USD.
Across the top 100 cryptocurrencies with the largest capitalization we saw significant increases, bringing the crypto market to a market capitalization of $2.68 trillion.
Bitcoin-llegara-a-los-142-000-kevin-svenson”>Bitcoin will reach $142,000: Kevin Svenson
While the price of BTC shows a great rebound, several analysts, driven by the prevailing enthusiasm, make different predictions towards future significant rises in Bitcoin.
For example, a Cryptocurrency analyst named Kevin Svenson communicated in a video to his 80,200 subscribers on YouTube the prediction of a parabolic trend of up to six figures for the largest cryptocurrency next year.
Exactly, and according to Svenson, The price of BTC could reach $142,000 in October 2025, but before that the price would reach $124,000 in March.
Inflows into ETFs increase significantly
A relevant fact to mention that is driving the price of BTC are the figures regarding ETF inflows.
ETFs showed significant inflows last Wednesday, as the price of BTC crossed the $76,000 barrier. Precisely, the instruments listed on the stock exchange reached a net inflow of 621 million dollars.
It is worth noting that these massive capital inflows broke with three consecutive sessions of outflows, which in turn followed a streak of 7 days in which these instruments accumulated $3 billion in inflows.
This important metric shows that at this time institutional investment is moving towards BTC forcefully.
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