đ Bitcoin Breakout to $73.7K Imminent!?
According to Bitget analyst Ryan Lee, Bitcoin is poised for an imminent breakout toward its all-time high of $73,750 in the coming weeks, potentially starting in late October to November. However, the road to that level may not be smooth, with occasional sell-offs expected, especially as the U.S. election looms. Lee notes that the current bullish momentum is fueled by rate cuts from both the Federal Reserve (50 basis points) and the Peopleâs Bank of China (30 basis points), which have made riskier assets like Bitcoin more attractive to investors. However, the intensity of sell-offs will likely depend on market sentiment surrounding the 2024 U.S. presidential election.
The possibility of a pro-Bitcoin president taking office could play a major role in how investors approach the upcoming rally. If confidence grows around a crypto-friendly leader like Donald Trump, who has pledged to make the U.S. the âworld capital of crypto and Bitcoin,â traders may hesitate to sell, hoping to capture even larger profits down the line. On the flip side, if Kamala Harris wins, the bullishness may shift to crypto markets outside the U.S., potentially leading to sell-offs as companies and traders position themselves for a more crypto-regulated domestic market.
With Bitcoin currently trading at $63,820, up 2.75% since Sept. 19, many traders are eyeing the next big move. Lee suggests Bitcoiners âlay out their bets earlyâ to maximize gains, as the anticipated election sentiment and rate cut environment could create the perfect storm for Bitcoinâs next bullish run.
Buckle upâvolatility is on the horizon! Follow @Professor Mende - Bonuz Ecosystem Founder to stay updated!
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