Bitcoin's price has surged 55% in 2024, with significant gains observed in October, driven by a favorable risk-on sentiment and upcoming potential pro-crypto policies linked to the November elections. Technical indicators suggest Bitcoin is breaking out of a prolonged consolidation phase, historically indicative of new bull cycles. Market analysts highlight that Bitcoin's recent price movements mirror past bullish phases, predicting a rise to over $100,000 in 2025 and potentially reaching $250,000 in the long term. Additionally, onchain data tracking whale activity reveals significant accumulation patterns similar to those seen before the 2020 bull run, as large holders position themselves for future price increases. The decline of stablecoin dominance further suggests growing confidence in Bitcoin’s value appreciation. If these trends persist, they may confirm the onset of Bitcoin's parabolic phase, pushing its price significantly higher.

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