In the long term, the market will see a rate cut, and in the short term, the election. If Bitcoin stabilizes at 60,000, it will be the starting point of the bull market!
In terms of market trends, the market has been stable. According to our previous predictions, it broke the 60,000 mark today. If you have short-term positions that have been bought at the bottom or made good money before, you can consider locking in the profits first. Over the weekend, the 60,000 mark is the key. If it can hold, there may still be a chance for altcoins; if it can't, you have to look for another opportunity to enter the market.
Speaking of altcoins, they are slow to react when Bitcoin moves, and some of them rise only slightly. Only a few of them can follow the market, and the others are basically standing still. When Bitcoin falls, they run faster than anyone else, so short-term positions and keeping profits are the best way.
What everyone is most concerned about now are rate cuts and elections. The US election is the highlight of the US stock market in the short term. Historically, the stock market is always turbulent a few months before the election, and everyone waits to see the results before making a decision.
However, these short-term fluctuations have little impact in the long run. The financial market, in the medium and long term, still depends on economic fundamentals, such as inflation. Who is the president is not a decisive factor for the overall situation of the crypto market.
Now the crypto market, especially Bitcoin, is already well-known, with a value of trillions of dollars, and its position in the mainstream market is stable. It is also increasingly affected by the macro environment, such as liquidity, Federal Reserve policies, and US elections. Once the Federal Reserve cuts interest rates, there will be more money, and BTC will rise. Liquidity is still king.
Let's talk about the specific impact of the election on the crypto market. In the long run, it is really not big. Whether it is Trump or Biden, the crypto market will continue to rise, and bull markets will continue one after another. But in the short term, the volatility is large. Things like Trump's stabbing and attending the Bitcoin Conference can make BTC jump a few times.
We have to keep an eye on the key node of November 5th. Once the election results come out, BTC will probably be excited and volatility is inevitable.
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