Popular Bitcoin advocate and veteran investor Anthony Pompliano has expressed strong faith in Bitcoin’s next price action amid the positive market trend, in a recent X post on Monday, October 27.
Pompliano’s statement comes as the broad crypto market experiences a sudden shift in investor sentiment, with prices of leading cryptocurrencies retesting their previous highs. This saw Bitcoin recover massively from the October 10 crash that had pushed its price dangerously close to revisiting the $99,000 level.
Bitcoin to take off as momentum turns bullish
Following his post, Pompliano declared that Bitcoin is “cleared for takeoff,” signaling renewed bullish momentum after its recent consolidation around the $103,000 mark.
While Bitcoin has gradually recovered from the severe consolidations it repeatedly witnessed since the brutal October 10 crash, the world’s leading cryptocurrency by market capitalization has successfully retested the $116,000 support level today.
Impressively, this mild recovery tends to confirm a continuation of its upward trajectory. As such, Pompliano has described the current recovery phase as the “takeoff level” for the leading cryptocurrency.
Nonetheless, Pompliano’s remarks come as Bitcoin continues to show resilience following a brief correction from its $126,000 all-time high achieved earlier this month on October 6.
Despite the wave of bearish momentum, Bitcoin has maintained strong fundamentals and tightening supply dynamics, as whales and institutions like Strategy continue to steadily accumulate the asset in large quantities.
Hence, investors are optimistic that Bitcoin has regained its strength and that this current level marks only the beginning of its next bull run, which could push its price to a new all-time high.
Spot Bitcoin ETF inflows ignite optimism
Apart from the bullish predictions from pro-Bitcoin investors, recent inflows from U.S. spot Bitcoin ETFs have further restored optimism, representing strong institutional appetite behind Bitcoin’s ongoing rally.
After the sharp outflows recorded earlier on October 16, when all funds collectively saw $530.9 million in outflows, investor demand has rebounded strongly in line with Bitcoin’s performance.
Institutional conviction in Bitcoin exposure remains firm, fueling a notable recovery in ETF inflows following a $446.3 million inflow recorded on October 25.
