Originally published on: November 05, 2024
A recent forecast suggests that Bitcoin will rise above the macro trend, but not until 2025. Keith Alan, co-founder of trading resource Material Indicators, shared this prediction in his latest analysis on Nov. 4. According to Alan, the US presidential election will impact Bitcoin’s price performance for the next two months.
As the US election day approaches, Bitcoin traders brace for potential volatility and unexpected market movements. Despite the uncertainty surrounding the election outcome, some analysts are already looking ahead to what lies beyond.
Alan predicts that in the event of a Trump victory, there could be a knee-jerk reaction in the BTC/USD market, while the opposite scenario may occur if the Democrats maintain power. However, Alan believes that Bitcoin will not reach a new all-time high until after the election results are announced.
Despite the failure of key support levels, such as the April 2021 mid-cycle top and the 21-day simple moving average, Alan remains cautiously optimistic about Bitcoin’s long-term prospects. He suggests that the market may not see a significant recovery until the new government assumes power in mid-January 2025.
While some are concerned about the impact of geopolitical factors on Bitcoin’s price, others remain bullish about its future potential. Many market participants anticipate Bitcoin reaching all-time highs in the coming months, with some projections even suggesting a surge to $100,000 by early 2025.
As Bitcoin continues to flirt with its current record high set in March, traders are advised to monitor key technical indicators, such as the 50-week SMA and the Macro Trend Line, for potential price movements. Despite the uncertainties in the market, investors are encouraged to conduct their own thorough research before making any investment decisions.
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