Imagine if you stood at the forefront of Bitcoin, watching it break resistance step by step, approaching historical highs, how excited would you be? Right now, Bitcoin bulls are gearing up, and the November options OI has concentrated at $80,000; is the $100,000 mark just a matter of time?
On Tuesday, the gold market continued its upward trend, while US stocks and the crypto market were relatively calm. But beneath this calm, Bitcoin is stirring. According to Bitpush data, although Bitcoin faced resistance between $68,000 and $70,000, the trading price still firmly stood above $67,672, with a 24-hour volatility of less than 1%. This seemingly calm market actually hides mysteries.
What about altcoins? Hey, they haven't been so lucky. In the past 24 hours, among the top 200 tokens by market capitalization, there were more losses than gains. But there are always a few standouts, like Popcat up 9.8%, Ponke up 9.4%, and Uniswap also up 4.7%. However, on the losers' list, ApeCoin, Scroll, and dYdX are alarming, down 17.4%, 13.3%, and 10% respectively.
But don’t worry, the overall cryptocurrency market capitalization still stands at $2.33 trillion, with Bitcoin's market share reaching as high as 57.3%. This is enough to prove Bitcoin's dominant position in the cryptocurrency market.
Let's take another look at the US stock market, where the S&P 500 and Dow Jones closed fairly flat, while the Nasdaq index rose slightly by 0.18%. Spot gold even set a new high during the session, surpassing $2,748 per ounce. Is this surge in gold and silver also cheering for Bitcoin's sprint?
Now, let's return to the Bitcoin options market. According to Deribit, the open interest (OI) for call options expiring at the end of November has concentrated around $80,000. What does this mean? It means the market is confident about Bitcoin's future and believes it has the potential to break through even higher price levels!
Analysts are also sharing their views. FalconX's research director David Lawant stated that regardless of the election outcome, Bitcoin may perform well. LMAX Group market strategist Joel Kruger bluntly said, "It feels inevitable that Bitcoin's price will break historical highs, and we are getting closer to setting a new high."
So, how will the Bitcoin price perform on the eve of the election? Ledn's CIO John Glover pointed out: "The current support level is at $65,000, and I believe that in the days leading up to the election, the BTC price will test the previous high of $73,000."
But don't forget, besides the election as a influencing factor, Bitcoin's four-year cycle will also become a major driver for the market. TradingView analyst TradingShot believes: "There are only two weeks left until the US presidential election, and the market is about to welcome a bull market breakout. This time, we observe the price trading situation on this date every four years."
He further explained: "According to the four-year cycle theory, the trends in October 2020, October 2016, and October 2012 are highly similar, with a very significant level of symmetry. We can also see that every four years at this time, the price has started to rise from the average MM, just like now."
So, dear readers of mlion.ai, are you ready to welcome Bitcoin's new round of sprint? Are you already eager to see it break the $100,000 mark?
Remember, opportunities are always for those who are prepared. In this volatile cryptocurrency market, only those who keep up with market dynamics and grasp the market pulse can laugh last.
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The above content is for informational sharing only and does not constitute any investment advice! Investing carries risks, and one should proceed with caution!
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