Originally published on: November 05, 2024
A recent forecast suggests that Bitcoin is poised to exceed its macro trend, but not until the year 2025. Keith Alan, co-founder of Material Indicators, made this prediction in a recent article dated November 4th. Alan noted that the outcome of the US presidential election could have a significant impact on Bitcoin’s price action in the coming months.
With the election causing uncertainty and volatility in the market, traders are bracing themselves for unpredictable movements in Bitcoin’s price. Alan suggested that a Trump victory could lead to a knee-jerk reaction in BTC/USD, while a win for the Democrats might have the opposite effect.
According to Alan, Bitcoin is unlikely to reach a new all-time high before the election results are announced. The current support levels, including the 50-day moving average and the 21-week moving average, are being closely monitored to gauge Bitcoin’s price performance.
Looking ahead, Bitcoin could face challenges due to geopolitical factors, with a potential rebound not expected until the new government takes office in mid-January. Despite the current uncertainties, many market participants believe that Bitcoin will reach new highs in the near future, with some forecasts suggesting a price target of $100,000 by early 2025.
While Bitcoin narrowly missed breaking its previous record last week, analysts warn of a potential decline to the 50-week moving average if the current trend reverses. With the 50-week SMA currently at $59,200, traders are advised to conduct thorough research and exercise caution when making investment decisions.
This article does not provide investment advice. Readers are encouraged to conduct their own research and seek professional guidance before making any financial decisions. Stay informed with the latest market insights by subscribing to our newsletter for updates on investment opportunities and trading strategies.
