Bitcoin is set for an incredible surge ahead of the upcoming US elections, which could be the catalyst that changes the entire crypto market landscape.
Bitcoin Awaits Great Leap
After months of stagnating between $58,000 and $63,000, Bitcoin finally took off, thanks to Jerome Powell's blistering speech in Jackson Hole. The speech lit a fire in the market and got the cryptocurrency back on its feet. Now, with the Federal Reserve preparing to cut rates in September, Bitcoin is feeling stronger than ever.
A 25 basis point cut would be a huge boost, but what if rates dropped 50 basis points? That would signal the Fed is in earnest about the economy, and that's the kind of uncertainty Bitcoin loves.
Rise or fall? Everything depends on future actions
Bitcoin's recent overnight gains were driven by active spot trading, but the real action is happening in other corners of the market where traders are using leverage. If Bitcoin stays above $63,000, we could be in for a real storm — a surge in leveraged long positions once summer comes to an end.
Traders are snapping up calls in the $62,500 to $63,000 range, and bulls are already betting on a rally to $80,000 to $85,000 by year-end. But the key events — Nvidia's earnings report and September's rate cut — may be just a prelude to the big show in the fourth quarter, when the U.S. elections take place.
Historic changes on the horizon
The US election has always been a turning point for Bitcoin. This year, given the bullish seasonality, we may see Bitcoin break all records.