Bitcoin Targets New All-Time High as Bitfinex Predicts a Surge Beyond $71K Amid ‘Perfect Storm’ Market Setup

Bitcoin Targets New All-Time High as Bitfinex Predicts a Surge Beyond $71K Amid ‘Perfect Storm’ Market Setup

Bitfinex analysts predict a potential "perfect storm" for Bitcoin, forecasting a significant price surge that could set a new all-time high as the cryptocurrency surpasses $71,000. The current market setup, described in an October 28 report, is seen as uniquely favorable, driven by a combination of election-related volatility, the so-called “Trump trade” narrative, and a historically bullish Q4 season for Bitcoin.

This week’s upward momentum follows recent fluctuations caused by global economic uncertainties and geopolitical issues. However, Bitcoin has rebounded, showing resilience as it continues its upward trend. Currently trading at approximately $70,900—up nearly 5% over the past 24 hours—Bitcoin is now within reach of the $73,700 peak it reached in March of this year.

The upcoming U.S. presidential election, scheduled for November 5, is also adding to Bitcoin’s rally, with market analysts suggesting a Trump victory could further fuel demand. Bitfinex analysts believe these factors create an ideal environment for Bitcoin to break new records as interest surges amidst an increasingly volatile global market.