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According to Bitget analyst Ryan Lee, Bitcoin might be gearing up for a significant breakout, potentially reaching its record high of $74,100 in the next few weeks, likely between late October and November. However, this upward journey may come with its fair share of pullbacks, particularly as the U.S. elections draw near. Lee highlights that the recent surge in Bitcoin's price has been driven by interest rate cutsâ50 basis points from the Federal Reserve and 35 basis points from the People's Bank of Chinaâwhich have made risk assets like Bitcoin more appealing to investors. Yet, the frequency and depth of any market corrections will hinge on investor sentiment, particularly as the political landscape for 2024 unfolds.
A pro-Bitcoin president could have a profound impact on investor behavior. If a candidate such as Donald Trump, who has previously expressed interest in positioning the U.S. as the global hub for crypto, gains traction, many traders may hold off on selling, anticipating even greater profits in the long run. Conversely, a victory for Kamala Harris may shift the optimism toward international crypto markets, prompting traders to exit U.S. positions, expecting stricter regulations on the domestic front.
With Bitcoin currently valued at $64,120, up 2.9% since mid-September, traders are closely monitoring the market's next big move. Lee advises that investors consider positioning themselves early, as the combination of favorable political sentiment and rate cuts could fuel Bitcoinâs next rally.
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