30s Summary
A trader has predicted that the outcome of the US presidential election may cause a 10% fluctuation in the price of Bitcoin. This comes at a time when Bitcoin is at its most volatile in three months. A week ago, Bitcoin nearly hit an all-time high price of $74,649. Tony Sycamore, a Bitcoin expert, suggested that Bitcoin needs to surpass the $74,000 mark to indicate an upward trend toward $80,000. Regardless of who wins the election, many experts believe positive developments are anticipated for Bitcoin and other cryptocurrencies.
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If you keep an eye on the price of Bitcoin, you might notice a decent 10% sway based on who clinches the US Presidential election, as predicted by a trader. This is noteworthy considering Bitcoin’s currently at its most volatile in three months.
In a recent post, Daan Crypto Trades (who’s got a pretty solid following online) mentioned that even though Bitcoin’s weekly close wasn’t exactly pretty, the impact of the upcoming election is going to be more significant. He suspects that depending on who ends up victorious in the voting, Bitcoin could swing up or down by at least 10%.
At the moment, you’d be able to snag yourself a Bitcoin for $68,682, a slight drop of 0.5% in the last day. Interestingly, Bitcoin’s volatility index – basically how wildly its value can fluctuate – reached a new high for the last three months just the other day.
About a week ago, Bitcoin came really close to its highest price ever, hitting an impressive $74,649 before getting a reality check because of the nervy lead-up to the election.
Bitcoin expert Tony Sycamore said in a recent investors’ note that Bitcoin needs to sustainably break past the $74,000 mark to prove an upward trend might take it to around $80,000. He also gently reminded traders that if it dipped below $65,000 and stayed there, it would mean the recent rally had fizzled out and Bitcoin would possibly return to its downward slope from the past seven months.
Overall, there’s an air of positivity ahead of the election. Many folks in the know think that good things are on the way for risk assets like Bitcoin, no matter who emerges as President.
Trump, known for his friendliness towards cryptocurrency, has made many pledges to care for and encourage innovation in the US’s crypto space. On the flip side, despite not really chatting about crypto until recently, Harris highlighted that her administration would foster investment in artificial intelligence and digital assets.
Other factors, like the fact that the US Federal Reserve is likely to go on cutting interest rates (something seen as a positive for crypto since safer investments become less enticing), could also impact Bitcoin’s value. So, watch this space!