The price of the first digital currency could rise significantly on the eve of the US presidential election. However, according to several experts, a correction is likely in the days immediately after November 5, reports The Block.
“Profit taking could weigh on the price of Bitcoin in the coming days after the results are announced. However, buying supporters should be strongly supported at the bottom below the $60,000 level,” said Tyr Capital investment director Eduard Hindi.
He confirmed that, despite the result of the election, it is likely that upward movement will begin; new highs could be reached by the end of 2024.
A similar opinion was expressed by Bitget Research chief analyst Ryan Lee. In his opinion, Bitcoin is poised for significant growth in the coming week.
“There are several factors supporting the potential growth of Bitcoin, especially the expected decrease in interest rates A deer. The broader market expects a 25 basis point cut on November 7, which would lower the rate to a range of 4.5-4.75%,” Lee said.
He also emphasized the importance of the two-day interval between the US elections and the American regulator’s decision on the main level.
“The direction of this victory will depend on whether the pro-bitcoin candidate wins,” Lee said.
Microsoft Factor
Ryan Lee believes that the vote of Microsoft’s board of directors on investing in Bitcoin, which was recorded in early December, could affect the dynamics of the market.
“If the board of directors votes against investing in Bitcoin, this could reduce the enthusiasm of market participants and become an obstacle to the growth of the digital currency,” the expert explained.
On the other hand, a positive decision from Microsoft could increase a strong price movement.
Lee suggested that as early as next week, Bitcoin could renew its all-time high at $75,000, and Ethereum could reach $3,200.
At the time of writing, the first digital currency is trading around $71,180; The change in the exchange rate was 4.9% compared to yesterday CoinGecko.
Earlier, Standard Chartered analyst Jeff Kendrick suggested that 5 November Bitcoin will cross the $73,000 mark.
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2024-10-29 07:03:00
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