30s Summary

As the US Presidential Election approaches, Bitcoin is predicted to have a tumultuous week, potentially reaching a new all-time high of $69,000. With its market cap stronger than it has been in three years and its network fundamentals projected to also reach new highs, experts suggest the cryptocurrency may experience quick movements post-election. The setup brings to mind large macro events from the past. The Federal Reserve’s upcoming decision on interest rates could also affect Bitcoin’s performance. Other significant factors include Bitcoin’s increasing dominance in the market and a likely record-breaking mining difficulty.

Full Article

It’s the week of the US Presidential election and Bitcoin is also fighting its own battles as it aims for a new all-time high of $69,000. This is likely to be a surprising week for Bitcoin traders, with a hefty order book and growing liquidity in the market.

Election day is almost upon us and there are many speculating a “sell the news” event following the announcement of the results. Directly following the election, we have the Federal Reserve deciding on interest rates, which could further stir things up in the crypto world.

Bitcoin’s market cap power is currently stronger than it has been in over three years following a notable monthly close. Additionally, Bitcoin’s network fundamentals are on track to hit new all-time highs this week.

Bitcoin had a bit of a struggle over the weekend, disappointing bulls as it retraced from last week’s high of $73,500. Data shows a drop below $67,500 over the weekend, with Bitcoin regaining a bit of ground but quickly running out of steam.

Now, with the US Presidential election upon us, the market is readying for a turbulent time.

The post-election market could see multiple quick movements between the past week’s low and high. Expert trader Skew predicts that the way the market behaves around areas of liquidity will be crucial in the coming days.

Looking further ahead, another expert, Credible Crypto, suggests that Bitcoin may tap into all-time highs again before diving into a deeper price correction.

The 2024 US Presidential election is undoubtedly going to shake things up in the crypto world, regardless of the outcome. Volatility in the market is guaranteed, with both upward and downward shifts expected. Skew has commented that the overall atmosphere mirrors the buildup to large macro events of the past.

Apart from the election, there are other significant events on the horizon. The Federal Reserve is set to make a decision on interest rates this week, which will provide some clarity on how they plan to deal with conflicting inflationary pressures.

Bitcoin’s share of the total cryptocurrency market cap also recently broke through a key psychological level of 60%. This could have consequences for altcoins, particularly if Bitcoin’s dominance starts to reject levels between 64% and 65.81%.

Lastly, Bitcoin’s mining difficulty is expected to break records this week, solidifying its recovery from the difficult times following the latest halving.