Technical analysis by Edward_Fibonacci about Symbol BTC: Buy recommendation (10/30/2024)

With the global market focusing on Bitcoin, BTCUSDT is currently approaching a key resistance level at $73,000. The recent strong growth is not only driven by technical factors but also by solid fundamentals. Let's analyze the key fundamental factors that can continue to support Bitcoin's growth momentum in the coming time.1. Money Flow From Large Investment FundsRecently, large investment funds and financial institutions have increased their interest in Bitcoin, viewing it as a "safe haven asset" amid escalating inflation and global economic uncertainty. Funds such as BlackRock, Fidelity, and other well-known financial institutions have expressed their intention to strongly participate in this market. The participation of "big guys" in pouring money into BTC not only strengthens investors' confidence but also creates a driving force for the value of Bitcoin.2. Demand for Inflation-Hedging AssetsWith inflation rising in many countries, especially the US and Europe, many investors see Bitcoin as a means of preserving assets against currency devaluation. With high inflation rates, traditional investors such as gold and USD become less attractive, while Bitcoin is emerging as an alternative store of value thanks to its fixed supply and decentralized nature.3. FED Interest Rate PolicyThe FED has slowed down the pace of recent interest rate hikes, signaling the possibility of stopping or slowing down the rate hikes in the near future. Lower interest rates will weaken the USD, creating favorable conditions for alternative assets such as Bitcoin. A weaker USD will stimulate capital flows into non-traditional assets such as cryptocurrencies, helping BTC continue to grow.4. Economic Data Supports Investor SentimentRecent economic data, especially employment and manufacturing indicators, have shown signs of a slow recovery in the global economy. This has made investors feel more confident in moving to riskier assets with attractive returns, including Bitcoin.Conclusion:With a solid fundamental foundation and momentum from both technical factors and institutional capital flows, BTCUSDT has great potential to continue conquering higher price levels. If the $73,000 threshold is broken, investors can expect the next target at $78,000, and further to the $100,000 region - a historic milestone for Bitcoin.What do you think about this view?