Bitcoin’s ready to pop or flop, says crypto analyst Daan Crypto Trades, with the U.S. election on Nov. 5 setting the stage. BTC volatility hit a three-month high, stirring anxiety among traders, who anticipate at least a 10% swing—up or down—based on the presidential result.
Bitcoin’s Price on a Knifepoint as Volatility Peaks
Bitcoin’s recent price dance has been dizzying. After nearly touching $75K on Oct. 29, BTC spiraled, now resting around $68,682, down 0.5% in 24 hours. According to Deribit’s volatility index, tension is brewing. Meanwhile, BTC’s weekly chart lacks clear direction, but Daan Crypto Trades insists the looming election could wipe out all chart patterns in one fell swoop.
With Trump and Harris neck and neck, crypto speculators lean toward Trump, anticipating his favorable stance could spike prices. Harris, however, has recently hinted at digital asset regulation, spooking some market die-hards. The choice could trigger a wave, either way, depending on whether crypto gains or regulation clampdowns are seen as favorable.
BTC Must Bust Above $74K to Reclaim Uptrend, Analyst Says
According to IG Markets analyst Tony Sycamore, Bitcoin needs to breach the $74,000 resistance to fuel a serious run-up. Without that, the crypto titan may flounder back to $65K, sliding back into its bearish channel. While traders have eyed $80,000 as the next major milestone, they know it’s a long shot unless BTC can confirm a breakout.
Still, bulls are feeling some juice thanks to the Federal Reserve’s recent moves. With traditional assets falling flat due to rate cuts, crypto keeps gaining traction as a more tempting place to park capital.
Trump vs. Harris: Which Candidate Could Tip the Scales?
In crypto land, Trump’s pro-crypto vibes make him a favorite. Promises to protect the industry and axe Gary Gensler have led traders to hedge bets on a BTC bull run if he wins. Harris, who only recently gave digital assets a nod, has adopted a more restrained approach, focusing on broader tech investments rather than crypto specifically.
While the Fed’s rate-cut campaign fuels Bitcoin as a hedge, the election outcome has traders bracing for impact, with the potential for a serious shift on the horizon.
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