Coinspeaker Bitcoin (BTC) Price Prediction: Major Swing Expected Ahead as US 2024 Elections Concludes This Week
After experiencing notable resistance around the all-time high (ATH) last week, Bitcoin BTC $68 572 24h volatility: 0.6% Market cap: $1.36 T Vol. 24h: $36.22 B price is currently retesting a crucial support range between $68K and $69K. The flagship coin has enjoyed significant bullish momentum since the August 5 crypto crash, especially after invalidating the macro-falling logarithmic falling trend.
In the daily time frame, Bitcoin price has been forming higher highs and higher lows, an established characteristic of a rising market trend. For as long as Bitcoin price remains above July’s peak of about $68K, the macro bullish sentiment will have the upper hand.
From a technical analysis (TA) standpoint, Bitcoin price is on the verge of a major bullish uproar after consolidating in the past eight months. The macro bullish sentiment will be delayed or invalidated if Bitcoin price consistently falls below the support level of around $58k, which has been strongly held since early March this year.
$BTC Falling Wedge Breakout is Done as Expected✅
Now,send to $72K🔥#BTC #BTCUSDT #Bitcoin #Crypto https://t.co/xiqJiZbm5Q pic.twitter.com/opimooQV3U
— ZAYK Charts (@ZAYKCharts) November 4, 2024
Why Bitcoin Price Will Increase Volatility Ahead
After signaling a potential macro bullish breakout in the recent past, Bitcoin price is at a crucial point that will yield heavy volatility in the near term. Moreover, Gold price has continued to print new ATHs in the weekly time frame, signaling a similar pattern for Bitcoin ahead. Additionally, the fourth quarters after the Bitcoin halving events are mostly bullish for the entire crypto industry.
In the next two days, the US 2024 elections will conclude, and determine the administration for the next four years. While some Wall Street analysts have predicted that Bitcoin and the entire crypto market will continue to grow irrespective of who is elected, a different faction has favored the Republicans led by Donald Trump.
Already, Trump has made several promises to the crypto market if he is elected by tomorrow. Among them, Trump has indicated that he will fire SEC Chair Gary Gensler and replace him with a web3-friendly person.
In the coming days, Bitcoin price is also expected to register heightened volatility amid the anticipated Fed rate cut. The chances of the Federal Reserve initiating another rate cut before the end of this year have significantly increased, as other major jurisdictions, led by Canada and Europe follow the same path.
Meanwhile, Bitcoin price has significantly benefited from the notable demand from institutional investors led by US spot BTC ETF issuers. By the end of the first week of November, the US spot Bitcoin ETFs, led by BlackRock’s IBIT, registered a net cash inflow of over $2.2 billion, the highest since March.
As a result, the US spot Bitcoin ETFs now hold assets under management (AUM) of about $69 billion, led by IBIT with around $30 billion.
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Bitcoin (BTC) Price Prediction: Major Swing Expected Ahead as US 2024 Elections Concludes This Week
