As an analyst with over 15 years of experience in the financial markets, I have witnessed countless market cycles and have developed a keen eye for identifying trends and patterns. The current state of the crypto market, particularly Bitcoin, is one that presents a unique blend of excitement and caution.
As the 2024 US elections approach within approximately 13 days, the cryptocurrency market, spearheaded by Bitcoin, is gradually building up bullish momentum. Currently, Bitcoin stands at around $66,517, with a 24-hour volatility of just 0.5%. Its market capitalization totals $1.32 trillion, and the volume over the past 24 hours amounts to $31.56 billion. The coin’s position at this crucial juncture could either signal a significant bull run in the near future or a temporary dip below $60,000 before surging towards a new record high.
After facing a strong barrier near $69,000, which was also the peak from last year’s bull market, Bitcoin’s price has dropped slightly and is now trading around $66,761 on October 23, during the afternoon in London.
Consequently, the overall value of the crypto market dropped by approximately 2%, bringing it to around $2.4 trillion. Most alternative coins, with Ethereum at the forefront (currently trading at $2,580), are currently experiencing a temporary downward trend. The 24-hour volatility for Ethereum stands at 1.5%, while its market cap is $310.83 billion, and its 24-hour trading volume amounts to $15.22 billion.
Analysts Expectations for Bitcoin Price Action amid the US 2024 Elections
Based on economist Peter Schiff’s perspective, if Donald Trump wins the 2024 U.S. election, it may lead to a selloff during the midterm period. Notably, the crypto community has been backing Trump’s victory as they believe it could fortify the Web3 sector within the world’s largest economy over the next few years.
Meanwhile, Schiff continued to advocate for Gold’s adoption as a safe haven instead of Bitcoin.
Despite the ongoing support for Trump in the financial markets, Bitcoin, one of Trump’s assets, is not showing a similar surge. Many believe that a Trump victory would be positive for Bitcoin. However, it seems odd that Bitcoin isn’t mirroring this optimism. Perhaps all the speculators have already invested, and we might be on the verge of a significant decline in value, often referred to as the “Trump dump.” Prepare accordingly.
— Peter Schiff (@PeterSchiff) October 23, 2024
Peter Brandt, an astute trader with keen insights, pointed out that Bitcoin’s current price movement represents one of the most eagerly awaited and potentially bullish breakouts it has experienced throughout its lifetime.
As a researcher, I posit that a triumphant surge beyond the present thresholds by Bitcoin could ignite an exponential growth trajectory in the coming years, often referred to as a parabolic rally. Furthermore, this upswing is likely to be mirrored by altcoins, leading to a significant expansion of the overall crypto market. Ultimately, it’s plausible that the crypto space may surpass Gold’s current market capitalization, indicating an unprecedented shift in the financial landscape.
Bigger Picture
In simpler terms, it’s commonly believed that the last quarter of Bitcoin’s halving period tends to be positive for the whole cryptocurrency market. Since mid-October has shown a generally optimistic trend across all cryptos, it’s more likely that Bitcoin’s price could mimic Gold’s rise.
Institutional investor interest in Bitcoin has significantly boosted optimistic feelings about its future. Notably, as Coinspeaker previously mentioned, the US Bitcoin ETF spearheaded by BlackRock’s IBIT has shown notable increase over the last few weeks.
Based on recent market statistics, U.S. Bitcoin Spot ETFs have accumulated more than $2.5 billion worth of Bitcoins over the past three weeks. This amount exceeds the daily production by miners and has effectively absorbed most of the selling force in the market.
Today, Metaplanet Inc concluded a prearranged stock offering, bringing in approximately ¥10 billion or around $67 million. This move is intended to fortify their approach towards Bitcoin.
Presently, Metaplanet holds more than 861 Bitcoins, rapidly approaching the pace set by U.S.-based MicroStrategy Inc., whose stock symbol is MSTR on NASDAQ.
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2024-10-23 13:01