10.31 Market Analysis 📊
🔍 On-chain Data Insights:
Stablecoins have been flowing in continuously from October 24 to 30, but have not broken the two-month high.
Funds are flowing into BTC, while altcoins have not yet benefited.
Since October 28, over 10,000 BTC have flowed out of exchanges.
📈 BTC Trend Forecast:
The upward trend of BTC is evident, but the pullback point is unknown.
Whales and ETF cost lines are at 55,000, current price 72,000, already profiting 30%.
Referring to the S&P 500's annual average increase of 12%, BTC reaching $82,000 would yield over 50% profit, potentially triggering profit-taking.
As it approaches $82,000, BTC may experience a significant pullback.
Current on-chain data shows BTC is continuously flowing out, with risks relatively controllable.
🗳️ U.S. Election Dynamics:
This presidential election is tight, with both candidates evenly matched.
Polls in seven swing states are close, making the outcome uncertain.
💼 Economic Data Impact:
The small non-farm data was released, showing an increase in employment of 233,000, the highest since July 2023.
Slight bearishness: Strong employment may impact the Federal Reserve's interest rate decision.
PCE data will be released tonight at 8:30, with non-farm data coming out tomorrow night at 8:30.
📊 Market Outlook:
If the non-farm data in the next two days does not show significant bearishness, BTC is expected to break through $74,000 after gaining momentum.
Stay tuned and invest rationally!
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