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In the last day, Bitcoin has increased by 4.4% to $20.2K, with the NY session seeing the most of the rise. It's interesting to note that growth did not accelerate in early Asian trade as it usually does. On the other hand, careful profit-taking was becoming more popular.

Currently, the bullish image that we previously forewarned of is visible on the daily charts of BTCUSD. A growth impetus on bigger volumes has emerged from the falling triangle's resolution. As a consequence, the price rose beyond the 50-day moving average and earlier local highs, closing the day at $19.6K.

Bulls should be conscious of the fact that the present scenario is more similar to February 2019, when the cyclical low was crossed. However, a FOMO rally has not yet materialized, as it did in October 2020, when a significant bullish surge in cryptocurrencies began.

News context

The founder and CEO of Eight, Michael van de Poppe, predicts that bitcoin will reach $30K as early as November. The fact that the asset is leaving centralized exchanges is another factor supporting BTC's potential increase.

58% of family offices and high-net-worth investors in Singapore and Hong Kong want to invest in cryptocurrencies, according to the auditing company KPMG. Despite the enthusiasm, wealthy investors only hold a limited percentage of their portfolio in crypto assets (less than 5%).

The rising link between the prices of gold and bitcoin is noted by Bank of America. Due to the cryptocurrency's restricted supply, there will be a rise in demand for BTC.

On Tuesday, Rishi Sunak, a proponent of cryptocurrencies, was elected prime minister of the UK. He was known for his sympathetic treatment of digital assets during his tenure as Chancellor of the Exchequer.

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