Originally published on: November 04, 2024
As the United States presidential election draws near, the price of Bitcoin is expected to see a significant swing of at least 10% depending on the victor, says a prominent trader. Recent data shows that Bitcoin volatility has soared to its highest level in three months, indicating a period of uncertainty and potential market movements.
In a recent post, trader Daan Crypto Trades shared insights with his large following, suggesting that Bitcoin’s weekly close may not be the most decisive factor amid the election fever. Instead, he predicted a possible 10% shift in either direction depending on the election outcome.
Currently priced at $68,682, Bitcoin has experienced a slight 0.5% decline in the past 24 hours. However, recent market data reveals a surge in Bitcoin’s volatility index to a three-month high, signaling increased market activity and potential price fluctuations.
While Bitcoin came close to reaching an all-time high last week, briefly hitting $74,649 before experiencing a sharp decline due to election uncertainties, market analysts remain cautiously optimistic. IG Markets analyst Tony Sycamore emphasized the importance of Bitcoin breaking above $74,000 to confirm an uptrend that could push the asset towards $80,000.
Ahead of the election, market sentiment remains positive, with a general consensus of optimism regardless of the election outcome. Crypto-friendly policies under a Trump administration are seen as favorable for digital assets in the short term, while expectations of continued interest rate cuts by the US Federal Reserve are viewed as bullish for crypto investments.
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