Bitcoin is on the brink of making history with a new all-time high (ATH).
It’s currently trading at $72.4, just 1.92% away from its previous high. Meanwhile, the new meme coin staking app Crypto All-Stars is about to hit the $3 million total raised mark in its presale, showing considerable market demand.
BTC Gains Momentum Near Monthly Close, Set to Rally In November
It took a while, but “Uptober” has finally prevailed.
The historically bullish month of October has once again proved profitable for Bitcoin, which opened at $63.3K and is now trading $9K higher.
Bitcoin is now less than 48 hours away from its highest monthly close ever.
This would set a very bullish precedent for November.
And adding to this momentum, Bitcoin ETFs are seeing record inflows, showing that smart money is bullish on the market-leading cryptocurrency.
Bitcoin is clearly gathering momentum, and this is happening just one week before two major events for financial markets.
One is the US presidential election, in which Donald Trump is a massive favorite according to predictions market Polymarket.
The other is the Federal Reserve’s next meeting on whether to cut interest rates. CME FedWatch tool gives 97.6% chance of a rate cut, which would be bullish for Bitcoin and other risk-on assets.
With a tailwind from favorable market dynamics, the stage is set for Bitcoin’s growth in November.
But what do the charts say?
Bitcoin recently broke above a crucial trendline resistance which has held for over six months. Analyst World Of Charts expects a retest of this line, followed by an explosive repricing to the upside.
According to World Of Charts, BTC could reach highs of $80K in November.
https://twitter.com/WorldOfCharts1/status/1851557462903537904
However, Peter Brandt warns traders to stay grounded. In order for Bitcoin to get a “real” breakout, it must close above $76K on the daily chart, he says.
This prevents a “fake out” which would see Bitcoin briefly create a new ATH before retracing back into its current range.
The prominent trader warns investors to “be excited, but don’t be dogmatic.”
https://twitter.com/PeterLBrandt/status/1851219548348837998
Fundamentally, Bitcoin is in a solid position for growth through November. Moreover, its momentum as it approaches its all-time high – including rising ETF inflows – indicates that an uptrend continuation is on the cards.
Based on that, World Of Charts’ $80K target could well be hit in November.
On the flip side, traders should exercise caution. As we saw in March, when Bitcoin previously created an ATH, it must sustain at that level to confirm the trend.
Nevertheless, our prediction remains optimistic that Bitcoin will create a new high next month, laying the way for altcoins to surge.
Crypto All-Stars is one of those altcoins that could see significant gains. The project provides a novel utility to all the industry’s top meme coins.
Crypto All-Stars is the World’s First Meme Coin Staking App – Will it Explode in the Next Bull Run?
Throughout 2024, meme coins have continually outperformed other crypto asset classes in bullish periods.
Based on what we know about Bitcoin’s outlook, this could present a huge opportunity with Crypto All-Stars.
It’s a new presale project raising funds to build the first unified meme coin staking app.
The project leverages Ethereum’s ERC-1155 multi-token standard, which provides compatability with any crypto on any blockchain. Crypto All-Stars will start by supporting staking for 11 top meme coins, including Dogecoin, Shiba Inu, and Pepe.
Users who hold $STARS tokens can stake their meme coins in the project’s smart contract and earn passive rewards.
They can also stake their $STARS tokens, and this feature is already live, providing an attractive APY of 540%.
Analysts believe that this use case has massive potential.
Austin Hilton told his 276K subscribers that Crypto All-Stars is his “favorite meme coin.”
Meanwhile, Crypto Mania says it can 100x in price.
The presale is ongoing and has raised $2.8 million so far.
It shows massive demand as it approaches the $3 million raised mark, indicating a lot of potential once it launches on exchanges.
