Bitcoin reclaims $65K; ENA, WLD, and BRETT post double-digit gains

14.10.2024

On October 14, Bitcoin broke past the $65,000 mark for the first time since September, driving a surge in the altcoin market, with ENA, WLD, and BRETT leading the gains in the past 24 hours.

The overall cryptocurrency market cap was up over 2.8% as analysts pointed to historical price patterns recorded by BTC ahead of the elections in the United States.

When writing, BTC had breached $66,000, was up 6% in the past 24 hours, and had reclaimed the key support level around the $65,000 mark.

According to analysts at crypto trading firm QCP Capital, the flagship cryptocurrency was repeating what happened ahead of 2016 and 2020.

In both instances, BTC remained range-bound for months, only to rally in the weeks leading up to the election, eventually doubling in value by the following January.

Based on this, the analysts speculated that Bitcoin could continue its upward trajectory, potentially reaching new all-time highs by early 2025, with some analysts predicting the possibility of BTC surpassing $120,000.

Further, the delay in Mt. Gox’s creditor repayment plan to October 2025 is expected to ease selling pressure, supporting a bullish outlook for Bitcoin, the analysts wrote on Telegram.

As such, the analysts concluded that “Uptober,” a term used to describe Bitcoin’s historically bullish performance in October, is still in play despite the slow start.

Among other factors contributing to the bullish sentiment around Bitcoin, analysts David Brickell and Chris Mills from FRNT Financial point to the US economy entering a “Goldilocks” phase—conditions that are just right for risk assets like cryptocurrencies.

They highlighted that the recent 0.5% interest rate cut by the Federal Reserve, with another likely in November, is driving investors toward higher-risk assets, including Bitcoin.

Additionally, China’s $284 billion stimulus package, the largest since the COVID-19 pandemic, is expected to flood global markets with liquidity, further benefiting Bitcoin.

Brickell and Mills emphasize that these macroeconomic conditions create an ideal backdrop for Bitcoin’s rally, with a potential “Santa rally” at year-end.

While a Trump win in the U.S. elections may add extra vigor, both Brickell and Mills, along with other experts like Larry Fink, believe Bitcoin is well-positioned to perform strongly regardless of the election outcome.

Meanwhile, analysts on X were pointing at the next key resistance level around the $66,200 mark that BTC needs to overcome before moving higher.

With Bitcoin still the dominant force in the market the overall altcoin market responded to BTC’s recent price surge with positive gains. Here are the top gainers:

Ethena

Ethena (ENA) was up over 23% in the past 24 hours, posting the highest gains among the top 99 altcoins.

Source: CoinMarketCap

Ethena is a synthetic dollar protocol built on Ethereum, designed to offer a crypto-native alternative to traditional financial systems.

The ENA token is the governance token of the Ethena protocol.

The altcoin has been on an upward trajectory since Oct. 10 and hit a monthly high of $0.4307 today for the first time since September.

This rally coincided with a new proposal from the Ethena team to add SOL as a backing asset for USDe, their synthetic dollar fully backed by crypto assets and hedged with short BTC and ETH futures.

The proposal also includes Binance Liquid Stake SOL (BNSOL), bbSOL, and Bybit Liquid Stake SOL as additional backing assets for USDe, further expanding the range of assets supporting the synthetic dollar.

On the technical side, several analysts on X pointed out that ENA broke out of an Inverted Head and Shoulders pattern, which is a bullish reversal signal.

When this type of breakout occurs, it typically indicates that the asset is set for a significant upward move.

Worldcoin

Worldcoin (WLD) surged over 20% in the past day and has been on an upward rally since October 10.

Source: CoinMarketCap

The token hit a monthly high of $2.41, reaching levels not seen since July 2024.

Over the past month, the native token for the digital identity-focused project has gained more than 52%.

WLD’s recent price surge followed a partnership with crypto data analytics platform, Dune.

The token surged roughly 14% right after the Oct. 11 announcement, and the rally has since been sustained by the broader sentiment across the market.

According to traders, the altcoin broke out of a three-month accumulation zone and the price is expected to move higher if the token manages to break past the resistance at $2.5. When writing, WLD was exchanging hands at $2.35.