Originally published on: September 26, 2024
Is Bitcoin about to smash through its all-time high? Crypto analyst Ryan Lee suggests that a significant test could be looming, but the speed at which traders cash in on gains remains uncertain.
Anticipated Breakout and Sell-off Patterns
Lee, Bitget’s chief research analyst, projects that Bitcoin may revisit its staggering all-time peak surpassing $73,750 from the third week of October to November. He believes there are indicators pointing towards a potential breakout in the near future, although the price movement could experience turbulence.
Factors Affecting Market Sentiment
According to Lee, any bullish breakout is likely to coincide with intermittent pullbacks that may trigger selloffs. The sentiment among investors leading up to the US election in November will play a crucial role in shaping Bitcoin’s trajectory.
Optimism in the Market
Optimism among traders has been on the rise following rate cuts by the US Federal Reserve and the People’s Bank of China, making riskier assets more attractive. With the possibility of a “pro-Bitcoin” leader in the future, traders might be reluctant to sell, anticipating greater profit opportunities down the road.
Potential Impact of US Election Results
Speculation abounds on how different election outcomes could impact the crypto market. Nansen CEO Alex Svanevik suggests that a Trump victory could boost crypto within the US, while a Kamala Harris win might spur crypto growth outside the country as firms potentially relocate.
Trump’s Support for Crypto
During his campaign, President Trump has consistently endorsed the crypto industry, expressing a desire to position the US as a global hub for cryptocurrency. Such support could shape the future landscape for Bitcoin and other digital assets.
Bitcoin Current Standing
As of now, Bitcoin is trading at $63,820, reflecting a 2.75% increase since Sept. 19, according to TradingView data. The price of Bitcoin has risen by 2.75% over the past week, showcasing potential signs of bullish momentum.
Stay Informed, Manage Risks
It’s essential to note that this article does not provide investment advice. Investment decisions carry inherent risks, and readers are encouraged to conduct thorough research before making any financial moves.
Witness the Exciting Path Ahead for Bitcoin
Amidst the evolving market conditions and upcoming events, Bitcoin’s journey towards its previous peak is certainly one to keep an eye on. Stay informed, stay cautious, and embrace the dynamic world of crypto with confidence.
