US Recession Fears Mount as Bitcoin Signals Potential ATH Rally

As the next US presidential election approaches in less than 16 months, there is a growing probability of a recession in 2024, reaching levels not seen in decades. Historical analysis based on the 10-year/3-month term spread suggests this concerning trend, according to finance monitoring platform Game of Trades.

However, amidst these uncertain economic prospects, Bitcoin enthusiasts find solace in the cryptocurrency's past behavior. A notable #cryptocurrency  market analyst, Trader Tardigrade, points out that Bitcoin has consistently begun a bull run approximately 22 months before the US presidential election, again entering the pre-run phase. This observation is based on the relative strength indicator (RSI), which recently emerged from the zero line on the two-week chart, a promising sign of the beginning of a bull market. This pattern resembles Bitcoin's trend in 2016, as highlighted by the expert in previous macroeconomic chart analysis.

Moreover, Trader Tardigrade predicts that Bitcoin's upward momentum will continue even after the election, leading to a new all-time high (ATH). This pattern has previously occurred in 2012 when Barack Obama secured the presidency, in 2016 following Donald Trump's victory, and again in 2020 with Joe Biden becoming the current US president.

Bitcoin is currently valued at $30,484, with a slight decline of 0.79% over the day and a 2.11% drop in the past week. However, it has still managed to maintain a 16.33% gain over the last month. Considering these factors, Bitcoin's flagship decentralized finance (DeFi) asset holds a strong chance of increasing its value, particularly if the US Securities and Exchange Commission (SEC) grants approval for the first spot #Bitcoinexchange -traded fund (ETF).

The intersection of politics, economics, and cryptocurrency always makes for an intriguing landscape. While the prospect of a recession can dampen investor sentiment, Bitcoin's historical resilience and its potential as a safe haven asset provide a glimmer of hope for enthusiasts. However, it's important to remember that market dynamics can be influenced by various factors, and investing in cryptocurrency carries inherent risks. As the US presidential election draws nearer, the crypto community will keenly observe whether Bitcoin can defy the odds once again and reach new heights.

#BTC The SEC will review Grayscale's Bitcoin ETF application again, following a court order.The SEC is holding a private meeting on November 2 to discuss important topics, including Grayscale's ETF proposal.Market observers are closely monitoring the situation, with some expecting the SEC to approve the #bitcoinetf this year.The United States Securities and Exchange Commission (SEC) is preparing to take another look at Grayscale’s application for a #Bitcoinexchange -Traded Fund (ETF). This update comes following a recent order from the U.S. Court of Appeals, which suggests a potential change in the SEC’s position on cryptocurrency investments.Trading volumes for Grayscale’s GBTC and ProShares’ BITO have recently surged. Major companies are now entering the competition. The key question remains: Will the SEC approve Grayscale alone, or will all applicants get the green light together?Details of the Upcoming MeetingThe SEC has organized a private meeting, bringing together top officials, including Commissioners, legal experts, and recording secretaries. The meeting’s agenda covers important topics such as settlement claims, administrative proceedings, litigation resolutions, and matters related to examinations and enforcement proceedings. This demonstrates the SEC’s commitment to thoroughly reviewing Grayscale’s ETF proposal.However, this development stems from a significant court order in late August, favoring the conversion of the Grayscale Bitcoin Trust (#gbtc ) into a Bitcoin ETF. The passing of the October 13 deadline has now set a clear timeline for the approval process of what could become the first U.S. Bitcoin ETF.Speculation and Talk: What Should We Expect? Mixed ViewsMarket observers are closely monitoring this situation, with some expecting that the SEC might collectively approve existing ETF applications. Grayscale’s application, supported by a favorable court order, stands out in terms of timing and regulatory disposition. Mike Novogratz, CEO of Galaxy Digital, is optimistic and predicts that the Bitcoin ETF may secure SEC approval this year.But some, like Dave Nadig, fear that SEC Chair Gary Gensler could unexpectedly reverse his stance, a move described as “Gensler semi-comedic rug-pull.” Bloomberg’s ETF analysts also view such a reversal as “amazingly sadistic.”Prepare for a roller-coaster rideAttorney Scott Johnsson acknowledges the looming threat of a sudden change in regulatory direction. As of the current moment, Bitcoin is trading at $34,314. The uncertain regulatory environment continues to be a concern for the cryptocurrency market.We want to hear from you! What are your predictions for the future of Bitcoin ETFs?#lastpass