On the eve of the election, can Bitcoin hit new highs again?
As the voting day for the U.S. election approaches on November 5, optimism is rising. Bitcoin is also benefiting from a broader market sentiment of risk appetite; despite high interest rates, demand for Bitcoin ETFs is returning, and the U.S. stock market has reached new highs this month.
Several factors are moving in the right direction for Bitcoin and cryptocurrencies, including an economic soft landing, a potential interest rate cut by the Federal Reserve, and changes in the U.S. regulatory environment regardless of who wins the election. As long as these trends continue…
Bitcoin could continue to hit new highs by the end of the year. This year, Republican candidate and former President Trump has been courting the cryptocurrency industry and positioning himself as a pro-cryptocurrency candidate. Democratic candidate and Vice President Harris has a more subdued attitude toward cryptocurrencies, and there are differing opinions on the impact her presidency might have on crypto companies. The election results are widely viewed as a key catalyst for Bitcoin prices, but as the election approaches, investors have been cautious and waiting.
In the past week, Bitcoin's price has risen by 7%. Currently, the digital asset is expected to rise by 14% in October, which would be its best month since March of this year.
There is currently no regular sector rotation; the altcoins are moving seemingly randomly.
If you jump in after seeing a rise, you might get stuck the next day with a 20-point loss!
So, it really is a different time now.
There’s no way to charge in randomly, move chaotically, or buy indiscriminately; the odds are that it’s better to do nothing at all!
Wait for clear hotspots and significant new capital inflows.
Otherwise, there’s no way to say what will rise when you buy it.
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