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The head of research at the crypto platform Bitrue, Andri Fauzan Adziima, has linked the increase in Bitcoin’s price to the activity of institutional investors and a reduction in coin supply following the halving.
According to him, the movement in the crypto market is occurring against the backdrop of escalating tensions between Israel and Iran. The commodity markets remain tense, with oil prices staying above $100 per barrel due to risks of potential blockage of the Strait of Hormuz.
Despite this situation, Bitcoin is showing resilience. Adziima believes that the current dynamics reinforce the perception of the leading cryptocurrency as a means of capital preservation during periods of geopolitical instability.
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The expert suggests that the current price movement may represent a rebound from a local minimum around $60,000. However, for a full-fledged upward trend to develop, the market will require additional growth factors.
One such factor could be the continued influx of funds into investment funds. In this scenario, according to the analyst’s assessment, Bitcoin’s price could rise to the $80,000 mark.
In the short term, a crucial support zone remains in the range of $70,000–$71,000. A price consolidation above $73,000–$74,000 could accelerate further growth, Adziima noted.
Previously, analysts from Binance Research—the research division of the Binance exchange—stated that the results of the voting in the U.S. Congressional midterm elections on November 3 could serve as one of the catalysts for the recovery of Bitcoin and the crypto market.
