After rallying throughout the week Bitcoin managed to hit levels not seen since late March.
Most of the top 99 altcoins traded in the green during the week, but many of those gains faded by the week’s end.
Since Oct. 27, Bitcoin bulls managed to push the flagship cryptocurrency as high as $73,295, following which the price started consolidating before dropping to a weekly low of $69,130 on Nov. 1.
Bitcoin’s late-week drop came as odds of Donald Trump winning the elections slipped across prediction markets.
At press time, Polymarket showed Trump’s odds of winning down to 61.7% from a weekly high of 67%. While other markets like Kalshi and PredictIt also reflected similar downfall.
Another likely factor that favoured the bears could be a large BTC transfer that was directed towards the crypto exchange Coinbase.
On October 31, on-chain tracker Whale Alert flagged a transfer of 8001 BTC valued at over $567 million.
Large transactions like these often raise fears of sell-offs, prompting short-term traders to reduce their positions with plans to buy back at lower prices.
The dip, however, was short-lived as lower-than-expected nonfarm payrolls data released on November 1 cemented hopes of an upcoming rate cut during the Federal Reserve’s next meeting. Bitcoin price reclaimed levels above $70,000 not long after.
However, the rally had not regained the strength it had earlier in the week and the $69,000 level acted as a key support zone.
Some whale action was also spotted on Friday as two separate whales scooped up more than 1000 BTC every time the price dipped below $70k.
Based on technical indicators, the price needs to hold above the $70,000 – $68,334 price range in order for the rally to continue, with the next major resistance level sitting at $73,777, just above Bitcoin’s all-time high price.
Nevertheless, the long-term speculation around Bitcoin remained bullish backed by macroeconomic factors such as hopes of a Republican victory, a forthcoming rate cut, and an uptick in demand for spot Bitcoin ETFs which recently surpassed $24 billion in total inflows.
For instance, analysts at 10x Research predicted BTC to hit $100,000 by the end of the year based on its prediction model which they claim has an 86.7% accuracy.
They added that institutions will play a key role in meeting this target as they now consider Bitcoin a long-term stable as evidenced by ETF inflows.
Meanwhile, bankers at Standard Chartered came out with an even higher target of $125,000 by year-end if Trump returns to the White House.
Trading veteran Peter Brandt also came out with a bullish projection for the top crypto and placed his target around $94,000 based on his analysis using a triangle pattern breakout and a measured move on a semi-log scale.
The overall cryptocurrency market capitalisation had fallen below its weekly high of $2.55 trillion and was down 2.18% at the time of writing, while the Fear and Greed Index fluctuated between 74-77 hinting that the broader sentiment was still bullish despite the late week volatility.
The top altcoin gains were recorded by the following:
Dogecoin
Dogecoin (DOGE) has led the highest gains over the past week.
The genesis meme coin began rising on October 27 after consolidating for 8 days in a tight range with ups and lows between $0.131 and $0.148.
At press time, DOGE was exchanging hands 36% above its weekly lows bringing its market cap to over $23.5 billion.
Source: CoinMarketCap
DOGE rallied as open interest in its futures market increased from $430 million seen at the beginning of August to $1.15 billion when writing its highest levels seen since April.
DOGE also rose as Elon Musk who has recently gotten closer to Donald Trump claimed that his proposed Department of Government Efficiency also named DOGE could cut federal spending by at least $2 trillion.
Raydium
Raydium (RAY) rose 17.8% over the past 7 days from a weekly low of $2.68 to its intraday high of $3.49 observed on November 1.
Its market cap also rose 26% from $706.4 million to $893.5 million within the weekly period.
Source: CoinMarketCap
Most of these gains came on October 26 after Kraken listed perpetual futures for RAY on its platform.
Instruments like these attract institutional investors and leveraged traders to trade increasing overall liquidity leading to a more stable and appreciating asset price.
RAY also broke out of a large symmetrical triangle pattern this week that started forming in December last year.
In technical analysis, a breakout from this pattern is indicative of the current trend gaining some strength, which typically pushes prices higher.
Maker
Maker (MKR) investors saw 15% gains this week exchanging hands at $1,278 with the majority of it seen over the last 2 days.
The crypto asset’s market cap has risen from $914 million on Oct. 26 to surpass $1.1 billion when writing.
Source: CoinMarketCap
The majority of these gains occurred on Oct. 31, when whales reportedly accumulated over $7.2 million worth of the altcoin.
Whale accumulation often drives up an asset’s price, which in turn prompts retail investors to follow, driven by a fear of missing out, as they anticipate quick gains.
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