Two Main Reasons to Believe We Finally Eye Bitcoin Price Sustainable Recovery

Bitcoin (BTC) hit its highest point since early summer on October 29, rising to almost $71,000 (as of writing this). It still has to gain about $2,000 before the first cryptocurrency reaches its all-time high (ATH) of $73,700 since March 2024. Lets remind that last September Bitcoin closed at an 11-year high: in a traditionally weak month for cryptocurrencies, BTC rose by a healthy 7.3%.

Since the start of October, traditionally a good month for cryptocurrencies, Bitcoin has gained another 11%. Five of Bitcoin's bull runs in the past 11 years began exactly in October. Even more importantly, on October 28, inflows into Bitcoin spot ETFs approached $500 million. Capital inflows into ETFs notably push the issuers to buy free Bitcoin from the market. This has led to a shortage of cryptocurrency, which was already caused by the halving occurred in April.

Since the launch of the Bitcoin ETFs on January 10 this year, its issuers have purchased cumulatively 357,960 Bitcoins (for about US$24 billion) as of October 26.