A Bitget analyst predicts Bitcoin’s breakout to $73.7K could come soon, with election uncertainty impacting sell-offs and trader sentiment.
Bitcoin may soon retest its all-time high of $73,750, according to Bitget’s chief research analyst Ryan Lee. However, the intensity of sell-offs during this breakout will largely depend on trader sentiment ahead of the U.S. presidential election. As the crypto community eyes a potential pro-Bitcoin president, confidence in the market could lead to less frequent profit-taking and a more sustained rally.
Key Points:
Imminent Breakout Prediction: Analyst Ryan Lee forecasts that Bitcoin could challenge its previous peak of $73,750 between the third week of October and November. Historical trends support this view, but market conditions will play a crucial role.
Election Influence on Sell-Offs: Lee suggests that the upcoming U.S. presidential election will significantly influence sell-off intensity. Confidence in a pro-Bitcoin administration could deter traders from selling, fearing they might miss out on larger gains.
Interest Rate Cuts Boost Optimism: Recent rate cuts by the U.S. Federal Reserve and the People’s Bank of China have made riskier assets like Bitcoin more appealing. This has boosted trader optimism, potentially supporting a bullish trend.
Election Scenarios: Analysts speculate that a Trump victory would be bullish for U.S. crypto markets, while a Harris win could drive crypto firms to relocate, impacting global markets instead.
With Bitcoin’s price teetering on the edge of a potential breakout, all eyes are on the U.S. election and its impact on market sentiment. Should confidence in a pro-Bitcoin president grow, the path to new all-time highs may become clearer, with fewer sell-offs and stronger bullish momentum.
Source: Cointelegraph
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