Bitcoin Poised for Major Breakout as U.S. Elections Approach

Bitcoin’s price is on the verge of a massive move, with the upcoming U.S. elections potentially serving as the catalyst. After a long period of stagnation between $58,000 and $63,000, Bitcoin has finally broken out, thanks to a boost from Jerome Powell’s speech at Jackson Hole.

This speech seems to have given Bitcoin the momentum it needed to shake off its sluggish performance. With the Federal Reserve set to cut rates in September, the market is buzzing with anticipation. A 25 basis point cut might give Bitcoin a nice lift, but if the Fed opts for a 50 basis point cut, it could signal a more aggressive approach to preventing economic downturns—exactly the kind of uncertainty that Bitcoin thrives on.

Last night’s rally was driven primarily by spot trading, with flat funding rates suggesting the real action is happening outside of leveraged positions. However, if Bitcoin holds above $63,000, we could see a surge in leveraged long positions as summer draws to a close.

Traders have been snapping up calls for the $62,500 to $63,000 range, and the bulls are continuing to bet on higher prices by the end of the year, with targets in the $80,000 to $85,000 range. While the upcoming Nvidia earnings report and the September rate cut are key events to watch, the real action might come in Q4 when the U.S. elections hit. Historically, election season has been a game-changer for Bitcoin, and this year could be no different. Combined with the usual bullish seasonality, we could see Bitcoin reaching new all-time highs.

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