Pay attention to the two major events next week!
1. The results of the U.S. election on November 5th
2. The U.S. interest rate meeting from November 6th to November 7th.
$BTC surged significantly to around 71,600 after last night's non-farm payroll data was released, then quickly plummeted again, testing the support around 68,800. It is highly likely to fluctuate widely in the range of 68,800 to 71,600 over the weekend. Ethereum also followed Bitcoin's trend, but was a bit weaker, peaking at 2,580 before retracing to 2,480.
The major turning point and direction should wait until next Tuesday when the results of the U.S. election are released. Risk capital may only then enter the market in large amounts to further push prices up. Yesterday, BlackRock was still in a buying mode. As small investors, we just need to follow the main players and enjoy the soup. Capital inflow does not guarantee price increases, and subsequent capital outflows do not necessarily mean prices will drop in a short time. However, when capital is flowing out, that is the time to sell high! Therefore, BlackRock's movements are worth paying close attention to. Currently, it may just be the stage of the main players building positions, with bigger moves still to come.
Let's predict the market scenario after the election!
If Trump is elected as expected, the crypto market will continue with the current trend, exchanging time for space, with BTC slowly climbing up. Altcoins are also brewing new plays, waiting for news about a Bitcoin surge to flood the market, and altcoins will gradually come out with the wealth effect.
If Harris is elected, there is a high possibility of a sharp drop, with Bitcoin testing the 60k mark again. Altcoins might also revisit previous price levels, and the period of low performance may last for 2-3 weeks.
In 2-3 weeks, the next interest rate decision from the Federal Reserve will come, which may lead to an unexpectedly aggressive rate cut, quickly pulling the market back violently.
People are starting to shout about a bull market returning, but many may have already lost their positions. Starting from December, various opportunities for altcoins will begin to appear, and the final bull run will truly start.
Regarding altcoins:
Currently, there is generally an oversold state. The exchange rates of ETH/BTC and SOL/BTC have dropped quite severely, indicating that retail investors' confidence has indeed collapsed. A few weeks ago, during the dip of Bitcoin, retail investors were still quite confident. This wave may be due to the approaching election, so risk-averse sentiment has emerged. In short, there are very few altcoins showing good trends.
Altcoins, if they are heavily pumped, definitely exit in time as the capital continuity is too weak! Don't be greedy!
With limited funds, maximizing profit-loss ratios makes the selection of targets and position management crucial. I prefer altcoins with good fundamentals, high liquidity, strong project teams and investors, significant price drops, and energetic sectors, while also leaning toward leading sectors and new coins with higher liquidity.
Sats cfx Zoo
SATS: It has been consolidating here for half a year, still in a large range of fluctuations, just waiting for a turning point.
cfx: Domestic public chain, currently no independent market trend, waiting for a rally in altcoins.
Zoo: Although MEME is said to run through the entire bull market, it is still necessary to participate cautiously in MEME that is not listed on Binance.
Trump-related tokens
MAGA: Trump-related tokens with a market value of $90 million. As Trump's activities increase, it may gain popularity, suitable for short-term trading.
Trump: Meme coins related to Trump's image, with a market value of $170 million. If Trump speaks frequently on social media, it may stimulate the market.
Other coins: Low market cap Meme coins related to Harris are getting less attention, but emerging Meme tokens are worth noting.
