Bitcoin Trend Outlook and Potential Impact of the US Election on the Market

Bitcoin's trend has recently shown signs of a possible reversal, and its weekly chart has performed quite well. It is currently located in the key area of ​​the bull support line and the 200-day moving average. If the price of Bitcoin can continue to stabilize in this area, it may usher in a sudden surge at any time. Investors should maintain their existing positions and wait patiently for trend confirmation. Once stabilized, Bitcoin has a high probability of breaking through the all-time high of $74,000. However, the round mark of $70,000 may form a strong resistance level.

If Bitcoin fails to maintain above the bull support line, $50,000 will be a strong support level if it goes down. As mentioned in the previous point, if a decline occurs, the price may briefly touch around $52,000. At present, Bitcoin's market share also shows a strong trend in the weekly chart.

Looking ahead, whether the market soars or plummets, Bitcoin may reach a peak, followed by the bull market of altcoins and the opening of the bull market of the entire market. Regarding the US election, Trump's chances of winning are once again higher than Harris's, and most members of Trump's team are friendly to cryptocurrencies, especially with the addition of Kennedy Jr., Trump's chances of winning the presidency have greatly increased. However, no matter who is elected, it seems that it will not have a negative impact on the bull market of Bitcoin. If Trump is elected, the market may perform more strongly. #杰克逊霍尔年会 #Telegram创始人被捕 #美联储何时降息？ $BTC $ETH