Bitcoin surges toward all-time high! Nasdaq and gold hit new records—bull market euphoria about to ignite?
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Bitcoin surges toward all-time high! Nasdaq and gold hit new records—bull market euphoria about to ignite?
Bitcoin is just a step away from reaching its all-time high.
Navigating Web3 tides with focused insightsBy BitpushNews
Financial markets surged on Tuesday, with bullish momentum in full force as Bitcoin, gold, and the Nasdaq advanced in tandem, while the U.S. dollar index and Treasury yields declined.
The latest data from the U.S. Bureau of Labor Statistics showed that job openings in the U.S. totaled 7.44 million at the end of September, down from 7.86 million in August—revised lower from an initially reported 8.04 million. According to CME's Fed Watch tool, there is nearly a 99% probability of a 25-basis-point rate cut in November, and a 74% chance of another 25-basis-point cut in December.
The Nasdaq Index climbed to a new all-time high, closing up 0.78%. The S&P 500 also ended higher, gaining 0.16%, though off its intraday highs, while the Dow Jones Industrial Average fell 0.36%.
Spot gold continued its record-breaking rally, briefly touching $2,775 per ounce before pulling back slightly.
Data from Beibei showed that during U.S. trading hours, Bitcoin rose as high as $73,500, just 0.4% below its all-time high of $73,750.07 set on March 14 this year (per CoinMarketCap data). At the time of writing, BTC was trading at $72,776, with its 24-hour gain narrowing to 4.19%.
Almost all top 200 altcoins by market cap posted gains. Mask Network (MAS) led the rally with a 19.2% increase, followed by Sui (SUI) and WOO (WOO), up 17.1% and 15.7% respectively.
The total cryptocurrency market capitalization currently stands at $2.44 trillion, with Bitcoin’s market dominance at 58.9%.
The Next Phase of the Bull Market Has Already Begun
Data shows that open interest on CME has been steadily rising, with Bitcoin futures open interest posting its largest single-day increase since June 3, now approaching a total value of $42.6 billion—indicating growing institutional interest in Bitcoin. Additionally, funding rates have remained elevated since mid-September, reflecting strong market optimism toward long positions.
In the crypto ETF space, Bitcoin ETFs attracted substantial inflows totaling $479.4 million, with the majority coming from BlackRock. In contrast, Ethereum ETFs saw a minor outflow of $1.1 million.
Senior trader Peter Brandt analyzed several potential future price scenarios for Bitcoin on X, using different technical analysis approaches.
In the first scenario, one variable is whether to use a semi-log or linear scale. According to Brandt’s data, if BTC breaks out from the triangle pattern in a "measured move" starting from the breakout level on a semi-log chart, it could rebound to $94,000.
In the second scenario, Brandt used the price range between November 2022 and March 2024 as a reference and projected it forward. This method yields a potential target exceeding $200,000. He commented: “Right now, I think that might be overstated. My principle is to aim for only one target at a time.”
The third scenario uses cyclical analysis based on the symmetry of Bitcoin’s price movements over time. Brandt’s chart suggests the next bull market peak could occur in August or September 2025, with a potential target of $160,000. He wrote on X: “If this trend continues, the next bull cycle peak should arrive around late August/early September 2025. Of course, all these targets could be wrong. That’s why I always keep risk management front of mind when trading.”
Michaël van de Poppe, founder of MN Consultancy, discussed Bitcoin’s breakout above $73,000, saying: “Today’s market isn’t entirely surprising. There’s massive inflow into Bitcoin ETFs. Job openings—the first data point—are the worst since April 2021. The final data point is the market driver of yields. If unemployment and the labor market weaken → yields start falling → DeFi rebounds → ETH rebounds → alts begin to thrive. This is the major internet bull cycle we’re all looking for.”
He added: “Technically, this is exactly what we’ve seen today—that’s why the reversal happened. It all hinges on macroeconomic data, suggesting we are entering a phase where crypto is maturing as an asset class. Massive, relatively infinite upside is coming—bigger than most people can even imagine.”
Market analyst Keith Alan expects this rally to approach all-time highs before a pullback, stating: “Breaking above $72,000 may send shorts into ‘hibernation,’ but before chasing the all-time high, be prepared for a retest of support levels.”
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