As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and trends. In the case of Bitcoin, the current situation presents an interesting mix of technical indicators, fundamental factors, and geopolitical events that could potentially shape its trajectory.
Following a notable resistance at its all-time high (ATH) last week, Bitcoin is now testing a critical support level, ranging between $68,000 and $69,000. This leading cryptocurrency has witnessed robust bullish momentum since the August 5 crypto crash, particularly after breaking free from the macro-descending logarithmic trend line.
Over a regular day-to-day period, Bitcoin’s price has been consistently creating new highs and lows that are higher than previous ones, which is typical of a market trending upward. As long as Bitcoin’s price stays above the approximately $68K peak hit in July, the overall positive sentiment will stay dominant.
Looking at technical analysis (TA), it appears that Bitcoin’s price is about to experience a significant surge in value following eight months of consolidation. However, this optimistic outlook may be postponed or proven incorrect if the Bitcoin price continues to drop below the $58k support level, which has been robust since early March 2021.
$BTC Falling Wedge Breakout is Done as Expected✅
Now,send to $72K🔥#BTC #BTCUSDT #Bitcoin #Crypto
— ZAYK Charts (@ZAYKCharts) November 4, 2024
Why Bitcoin Price Will Increase Volatility Ahead
Following a possible hint of a major bullish surge in Bitcoin’s price history, it now stands at a pivotal juncture that promises significant fluctuations in the immediate future. Interestingly, Gold has been consistently setting new all-time highs on a weekly basis, suggesting a similar trend could emerge for Bitcoin soon. Notably, the post-Bitcoin halving periods during the fourth quarter have traditionally been favorable for the entire cryptocurrency market.
Over the next two days, the U.S. elections in 2024 will come to an end, deciding the government for the subsequent four years. Although some financial analysts on Wall Street believe that Bitcoin and the entire crypto market will persist in growing regardless of who gets elected, another group has shown preference towards the Republican party, headed by Donald Trump.
By now, it’s been stated that if Trump gets elected tomorrow, he has plans for the cryptocurrency market which include several promises. One of these promises is to dismiss current SEC Chair, Gary Gensler, and appoint someone more favorable towards web3 in his place.
Over the next few days, it’s likely that Bitcoin’s price will show increased fluctuations due to the predicted reduction in interest rates by the Federal Reserve. The probability of the Fed lowering rates again before the year ends has grown considerably, as other significant regions such as Canada and Europe are pursuing a similar strategy.
Currently, institutional investors, particularly those involved in US spot Bitcoin ETFs like BlackRock’s IBIT, have been driving up the price of Bitcoin due to increased demand. In fact, during the first week of November alone, these ETFs saw a net cash inflow exceeding $2.2 billion, which is the highest since March.
Consequently, U.S. Bitcoin Exchange-Traded Funds (ETFs) currently manage approximately $69 billion in assets, primarily spearheaded by IBIT with roughly $30 billion in holdings.
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2024-11-04 13:03