Will Bitcoin reach $1000?
According to Bitget analyst Ryan Lee, Bitcoin could be poised for a major breakout, potentially hitting an all-time high of $74,100 in the next few weeks, possibly between late October and November. However, this bullish journey could come with its fair share of pullbacks, especially as the US elections approach. Lee asserts that the recent rally in Bitcoin’s price has been driven by interest rate cuts — 50 basis points from the Federal Reserve and 35 basis points from the People’s Bank of China — which have made riskier assets like Bitcoin more attractive to investors. However, the frequency and depth of any market corrections will depend on investor sentiment, especially as the political landscape evolves in 2024.
A pro-Bitcoin president could have a profound impact on investor behavior. If a candidate like Donald Trump, who has previously expressed interest in positioning the U.S. as a global crypto hub, gains traction, many traders may hold off on selling, anticipating greater long-term gains. Conversely, a Kamala Harris win could shift optimism toward international crypto markets, prompting traders to exit U.S. positions, anticipating tighter regulations on the domestic front.
With Bitcoin currently trading at $64,120, up 2.9% since mid-September, traders are keeping a close eye on the market’s next big move. Lee advises investors to consider taking an early position, as the combination of positive political sentiment and lower interest rates could fuel Bitcoin’s next rally.
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