bullish

Bitcoin

The price of Bitcoin could swing at least 10% depending on which United States presidential candidate wins the election on Nov. 5, according to a trader, as Bitcoin volatility recently jumped to its highest point in three months.
In a Nov. 4 <a href="https://x.com/daancrypto/status/1853180852689313900?s=46&amp;t=MuRujqZUAz3TQE1vmr3c6A" rel="noopener noreferrer nofollow" target="null">post</a>, pseudonymous trader Daan Crypto Trades told his 389,000 X followers that Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null">BTC</a>) weekly close didn’t look “the cleanest” but this wouldn’t matter too much with the election looming.
He said there was a good possibility Bitcoin will see “at least a 10% move in either direction depending on who wins the election.
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 <img alt="Bitcoin Price, Bitcoin Analysis, United States, Donald Trump, Kamala Harris, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192f4bf-b46a-7828-855f-60e07069b4ef" title="">
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 Source: <a href="https://x.com/daancrypto/status/1853180852689313900" rel="noopener noreferrer nofollow" target="null">Daan Crypto Trades</a><a href="https://x.com/daancrypto/status/1853180852689313900" rel="noopener noreferrer nofollow" target="null">&nbsp;</a>
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Bitcoin is currently changing hands for $68,682, down 0.5% in the last 24 hours.
Meanwhile, Bitcoin’s volatility index notched a new three-month high on Nov. 3, according to <a href="https://www.deribit.com/statistics/BTC/volatility-index/" rel="noopener noreferrer nofollow" target="null">data</a> from crypto derivatives exchange Derebit.&nbsp;
Bitcoin almost hit an all-time high last week, briefly surging to $74,649 on Oct. 29 before selling off sharply on election uncertainty.&nbsp;
In a Nov. 4 investment note viewed by Cointelegraph, IG Markets analyst Tony Sycamore wrote that Bitcoin needs to see a “sustained break above resistance” at the $74,000 level to confirm an uptrend that could see the asset rally sharply toward $80,000.&nbsp;
Sycamore warned that traders should be cautious because a “sustained retreat” below BTC’s support at $65,000 would signal last week’s rally had failed, and the asset would likely return to its seven-month downward trend channel.&nbsp;
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 <img alt="Bitcoin Price, Bitcoin Analysis, United States, Donald Trump, Kamala Harris, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192f4bf-f8b7-7324-88db-a59e16d7e5b8" title="">
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 If Bitcoin falls below $65,000, it will fall back into its downward trend channel. Source: IG Markets
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The broader sentiment surrounding Bitcoin heading into the election <a href="https://cointelegraph.com/news/us-election-outcome-wont-stop-bitcoin-100k-dan-tapiero" rel="noopener noreferrer nofollow" target="null">is </a>optimistic — with market pundits noting a bullish trend for risk assets and several positive tailwinds regardless of which candidate comes out on top.&nbsp;
Related: <a href="https://cointelegraph.com/news/bitcoin-100k-us-election-trump-harris" rel="noopener noreferrer nofollow" target="null">Bitcoin can still hit $100K, no matter who wins US election</a>
Crypto-friendly Donald Trump is widely viewed as <a href="https://cointelegraph.com/news/donald-trump-election-bitcoin-crypto-market-price-prediction-analysts" rel="noopener noreferrer nofollow" target="null">being more bullish for crypto assets</a> in the short term, having <a href="https://cointelegraph.com/news/donald-trump-crypto-voters-appeal-truth-social" rel="noopener noreferrer nofollow" target="null">made a swathe of promises</a> to protect and foster innovation in the US crypto industry.&nbsp;
Kamala Harris avoided specific mention of cryptocurrency until Sept. 22, when she made a brief comment that her administration would <a href="https://cointelegraph.com/news/kamala-harris-finally-breaks-silence-crypto-during-fundraiser" rel="noopener noreferrer nofollow" target="null">encourage investment in artificial intelligence and digital assets</a>.&nbsp;
Outside of the election, market participants anticipate the US Federal Reserve will continue on its campaign of interest rate cuts following its <a href="https://cointelegraph.com/news/fed-rate-cut-politically-motivated-increase-inflation-arthur-hayes" rel="noopener noreferrer nofollow" target="null">50-basis-point</a> cut on Sept. 18.
Further rate cuts are widely seen as bullish for crypto assets because safer investments like term deposits become less appealing to investors.
X Hall of Flame: <a href="https://cointelegraph.com/magazine/nansen-alex-svanevik-bitcoin-ethereum-kamala-harris-unrealized-gains-tax-x-hall-of-flame/" rel="noopener noreferrer nofollow" target="null">Harris’ unrealized gains tax could ‘tank markets’ says Nansen’s Alex Svanevik</a>

Bitcoin to move 10% ‘either direction’ depending on US election: Trader

Cointelegraph

Other articles published on Nov 4, 2024

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