Why is the Crypto Market Up? Bitcoin (BTC) Price Tests $71k

The crypto market is witnessing a strong bullish trend as Bitcoin surpasses the $70k threshold. The breach of this key level has fueled positive sentiment across the broader crypto sector.

The crypto market is rallying as Bitcoin surpasses the $70k threshold.

Bitcoin’s breakout has catalyzed a surge in various altcoins, with notable increases across popular tokens. According to the latest market snapshots and analysis, there is growing optimism for a potential new all-time high (ATH) in Bitcoin’s price.

With the combination of favorable market conditions, upcoming calendar effects, and heightened interest in crypto-supportive figures, the crypto market is seeing its highest level of enthusiasm in months.

Here’s a closer look at the key takeaways from today’s crypto market analysis.

Bitcoin Reaches $70,000, Igniting Market Rally

Spot On Chain (@spotonchain) reported Bitcoin’s rise past $70,000 today, with the platform noting a 69% chance for a new ATH by month-end. This level has acted as resistance in recent months, and its breakthrough sets a bullish tone for the entire market.

At press time, BTC's price hovers around $71,007.

🎉 Bitcoin breaks $70K today!

Will we see a new ATH this month?

According to our early-month analysis, there’s a 69% chance of a new ATH in October and a 54% chance of Bitcoin reaching $100K by year-end.

Follow @spotonchain for more updates.#BTC

https://t.co/nxfsOcsqVL pic.twitter.com/Rkte4aykSD

The current sentiment suggests a 54% chance that Bitcoin could reach $100,000 by the end of the year.

October’s bullish close traditionally leads into a strong November for Bitcoin and altcoins. Ali, a notable analyst (@ali_charts), commented that “Moon-vember is just around the corner,” referencing historical trends that have seen November deliver positive returns for Bitcoin.

The current rally thus marks a highly anticipated momentum shift as traders look forward to further gains in the coming months.

Altcoins Surge Alongside Bitcoin, Green Wave Across Market

The broader crypto market is experiencing gains in altcoins, reinforcing the bullish trend established by Bitcoin’s price action.

HEX leads the surge with a 23.5% increase, followed by RUNE’s 16% rise, DOGE’s 14.5% rally, and MOG’s 14.6% boost.

Recent data on the sector reflects broad-based gains and a strong appetite for high-risk assets as the market enters the final months of 2024.

Cryptobubbles’ market snapshot illustrates this rally, with a majority of tokens showing gains across multiple sectors.

Bullish Influence of Elon Musk and Donald Trump

Crypto market sentiment has also been bolstered by speculation regarding the influence of high-profile figures, with The Kobeissi Letter (@KobeissiLetter) highlighting that Elon Musk’s likelihood of joining the U.S. Cabinet has risen.

A recent poll indicates a 32% chance that Musk could be appointed to a Cabinet position by early 2025. This is an idea that has sparked discussions due to Musk’s longstanding advocacy for crypto.

Markets increasingly believe Elon Musk will be appointed to a role by the next president.

There is now a 32% chance that Elon Musk is nominated to the Cabinet by February 2025, according to @Kalshi.

These odds have more than DOUBLED over the last 2 weeks.

This comes as Donald… pic.twitter.com/0NicyYz0dP

With Donald Trump’s odds of winning the upcoming election at a record 63%, expectations of crypto-friendly policies are intensifying. This creates a positive outlook for the sector.

The prospect of both figures in influential positions has interested the crypto community. This is particularly as both Musk and Trump are supportive of decentralized finance. This anticipation is a potential catalyst for sustained investor confidence and continued interest in digital assets.