Bitcoin News Today: "Staircase to New Heights: Bitcoin's Bullish Blueprint Unfolds"

Fundstrat Global Advisors' Mark Newton has dismissed growing speculation that the cryptocurrency market has already peaked, citing a lack of confirmed technical signals and subdued sentiment as key reasons for optimism. The analyst, known for his expertise in technical strategy, emphasized that indicators such as Elliott Wave theory and DeMark Sequential signals remain bullish, while Bitcoin's recent rebound above $110,000 and Ethereum's resilience further support an ongoing uptrend, according to a Coinotag article.

Newton's analysis counters narratives suggesting a market top, noting that Elliott Wave structures for Bitcoin and Ethereum show no completion of the final bullish phase. He argued that the absence of a five-wave decline—a typical pattern in market reversals—undermines claims of a peak. "The Elliott Wave structure hasn't given us any signs of a peak," he stated, adding that the current setup aligns with wave three or four of a grand supercycle, historically preceding explosive growth, the Coinotag piece reported.

DeMark Signals, another critical tool, also remain neutral-to-bullish. These indicators, which track price divergences to predict exhaustion points, have not triggered bearish counts on daily or weekly timeframes. Newton highlighted that Bitcoin's chart lacks the nine-bar countdowns typically signaling reversals, reinforcing his view that momentum remains intact, according to the Coinotag coverage.

Meanwhile, Ethereum's price action underscores the market's resilience. ETH recently tested $4,050 before retreating to $3,920, with analysts noting that a break above $4,100 could challenge key resistance levels. Despite short-term volatility, Ethereum ETFs saw $246 million in net inflows on October 28, reflecting sustained institutional demand, as reported in a CryptoNews article.

The broader crypto market sentiment remains in the "fear" zone, with the Crypto Fear and Greed Index at 33, far from the euphoric levels observed during 2017 and 2021 peaks. Newton argued that this subdued sentiment creates potential entry points for investors, as historical data shows market tops often coincide with extreme greed. "The market isn't near euphoric levels—there's room for sentiment-driven rallies," he noted, the Coinotag report added.

Bitcoin's return to $110,100 also highlights institutional confidence. The asset saw $202.48 million in ETF inflows on October 28, with cumulative net inflows reaching $62.34 billion since the products' launch. Firms like Ark & 21Shares, Fidelity, and BlackRock led the inflows, underscoring persistent demand, the CryptoNews piece noted.

Newton's bullish outlook contrasts with recent volatility, including a flash crash on October 10 that erased leveraged positions. However, he stressed that Bitcoin's post-FTX higher lows trend remains unbroken since late 2022, a long-term bullish signal. "The staircase uptrend post-FTX mirrors patterns in gold and equities during bull markets," he explained, the Coinotag analysis observed.

The analysis has implications for both Bitcoin and Ethereum. While Newton's focus is on technical indicators, on-chain data from firms like Glassnode shows declining exchange inflows—a net positive for the market. Ethereum's layer-2 scaling advancements further support its long-term potential, though Newton did not directly cite these factors, the Coinotag coverage noted.