Popular Bitcoin advocate and veteran investor Anthony Pompliano expressed strong confidence in Bitcoin’s next price move amidst positive market trends in a recent X post on Monday, October 27th.
Pompliano’s statement comes as the entire crypto market is experiencing a sudden shift in investor sentiment, with the prices of major cryptocurrencies retesting previous highs. This has seen Bitcoin significantly recover from its October 10 crash, with its price perilously close to the $99,000 level.
Bitcoin takes off as momentum turns bullish
Following the post, Pompliano declared that Bitcoin is “ready to take off,” suggesting that bullish momentum is building again following the recent consolidation near $103,000.
Bitcoin has gradually recovered from the severe declines it has seen repeatedly since the brutal crash on October 10, but the world’s leading cryptocurrency by market capitalization today managed to retest the $116,000 support level.
Impressively, this modest recovery tends to confirm a continuation of the upward trajectory. Pompliano therefore described the current recovery stage as a “takeoff level” for major cryptocurrencies.
Nevertheless, Pompliano’s comments come as Bitcoin continues to show resilience following a temporary correction from its all-time high of $126,000, reached on October 6 earlier this month.
Despite waves of bearish momentum, Bitcoin maintains strong fundamentals and tight supply dynamics as institutions like Whale and Strategy continue to steadily accumulate large amounts of assets.
Therefore, investors are optimistic that Bitcoin will regain momentum and that this current level is just the beginning of the next bull market, which could send Bitcoin prices to new all-time highs.
Spot Bitcoin ETF inflows fuel optimism
Apart from the bullish predictions of pro-Bitcoin investors, recent inflows from US spot Bitcoin ETFs have restored further optimism, representing strong institutional investor appetite behind Bitcoin’s continued rise.
Following the sharp outflows recorded on October 16th ($530.9 million in outflows across all funds), investor demand has rebounded strongly in line with Bitcoin’s performance.
Institutional confidence in Bitcoin exposure remains strong, driving a notable recovery in ETF inflows following the $446.3 million inflows recorded on October 25th.
