Institutional investors have doubled down their Bitcoin purchases in the recent past in a bid to hedge against global inflation and the ever-devaluation of fiat currencies.
With about 13 days left until the 2024 US elections, the crypto market, led by Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B , is gradually gaining bullish steam. The flagship coin is currently hovering at a crucial crossroads, which could either lead to a major bull rally in the near term or a short-term reversal below $60K before the imminent rally toward a new all-time high.
Having experienced a significant resistance level around $69K, the same peak level reached during 2021’s bull run, Bitcoin price has since retraced below $67K to trade at about $66,761 on Wednesday, October 23, during the mid-London session.
As a result, the total crypto market cap slipped over 2 percent to hover about $2.4 trillion. The majority of the altcoins, led by Ethereum ETH $1 845 24h volatility: 2.6% Market cap: $222.72 B Vol. 24h: $14.22 B , were also trapped in a short-term bearish outlook.
Analysts Expectations for Bitcoin Price Action amid the US 2024 Elections
According to Peter Schiff, a renowned economist, a potential win for Donald Trump in the 2024 US election will trigger a midterm selloff. Schiff highlighted that the crypto community has been betting on Trump to win in a bid to strengthen the Web3 space in the largest global economy in the coming years.
Meanwhile, Schiff continued to advocate for Gold’s adoption as a safe haven instead of Bitcoin.
The #Trump trade is on, yet #Bitcoin is the one Trump asset not rallying. It's widely believed that a Trump win is bullish for Bitcoin. So why isn't Bitcoin rising along with the betting odds on Trump? Maybe all the speculators have already bought. Get ready for the Trump dump.
— Peter Schiff (@PeterSchiff) October 23, 2024
Peter Brandt, a well-sharpened trader, highlighted that Bitcoin price is currently hovering at the most anticipated and hoped-for bullish breakout in its history of existence.
Moreover, a successful bullish breakout from the current levels will yield a parabolic rally for Bitcoin in the subsequent years. Additionally, the altcoin market will follow in tandem and ultimately the crypto space will overstate Gold’s market cap.
Bigger Picture
The fourth quarter of Bitcoin’s halving year is often perceived to be bullish for the entire crypto market. With the second half of October already signaling bullish sentiment for the entire crypto market, the chances of Bitcoin price following in the footsteps of Gold have significantly increased.
The high demand for Bitcoin by institutional investors has substantially improved the overall bullish sentiment. As Coinspeaker previously reported, the US spot Bitcoin ETF, led by BlackRock’s IBIT, has registered palpable growth in the past few weeks.
According to the latest market data, the US spot Bitcoin ETFs have purchased BTCs worth over $2.5 billion in the past three weeks, thus outweighing the miners’ daily supply and absorbing the majority of selling pressures.
Earlier today, Metaplanet Inc announced the completion of a planned stock sale and railed over ¥10 billion, equivalent to more than $67 million, in a bid to strengthen its Bitcoin strategy.
Currently, Metaplanet has over 861 Bitcoins, and is fast following the US-based MicroStrategy Inc (NASDAQ: MSTR).
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