{"id":18342,"date":"2024-11-05T16:31:58","date_gmt":"2024-11-05T14:31:58","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoins-path-out-of-consolidation-hinges-on-us-election-outcome-says-expert\/"},"modified":"2024-11-05T16:31:58","modified_gmt":"2024-11-05T14:31:58","slug":"bitcoins-path-out-of-consolidation-hinges-on-us-election-outcome-says-expert","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoins-path-out-of-consolidation-hinges-on-us-election-outcome-says-expert\/","title":{"rendered":"Bitcoin&#8217;s Path Out of Consolidation Hinges on US Election Outcome, Says Expert"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>The price of digital gold is unlikely to break out of consolidation until the uncertainty surrounding the US presidential election winner is resolved.<\/li>\n<li>On election night, the movement of the first cryptocurrency&#8217;s rate could be 3.5% in either direction.<\/li>\n<li>Without a new catalyst, altcoins are unlikely to emerge from &#8220;apathy.&#8221;<\/li>\n<\/ul>\n<\/div>\n<p>Regardless of the outcome of the US presidential election, by the second quarter of 2025, Bitcoin will return to a trajectory above the macro trend. This forecast was made by Keith Alan, co-founder of Material Indicators.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Facts:<br \/>\u2611\ufe0f R\/S Flip at $69k has been invalidated<br \/>\u2611\ufe0f Trend Precognition \u2b07\ufe0f <a href=\"https:\/\/twitter.com\/hashtag\/TradingSignals?src=hash&#038;ref_src=twsrc%5Etfw\">#TradingSignals<\/a> on the <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> W chart are gaining strength<br \/>\u2611\ufe0f Technical Support at the 21-Day MA has been lost<br \/>\u2611\ufe0f <a href=\"https:\/\/twitter.com\/Polymarket?ref_src=twsrc%5Etfw\">@Polymarket<\/a> Narrative Traders are getting rekt<br \/>\u2611\ufe0f Technical Support at the 50-Day MA is coming\u2026 <a href=\"https:\/\/t.co\/Fs0VSqgQ9h\">pic.twitter.com\/Fs0VSqgQ9h<\/a><\/p>\n<p>\u2014 Keith Alan (@KAProductions) <a href=\"https:\/\/twitter.com\/KAProductions\/status\/1853505091598475674?ref_src=twsrc%5Etfw\">November 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We will not get relief from this &#8216;storm&#8217; caused by politics, anxiety, stress, chaos, or market volatility until Inauguration Day, January 20,&#8221; the expert explained.<\/p>\n<\/blockquote>\n<p>According to Alan, a Trump victory would trigger a &#8220;reflexive&#8221; positive reaction, while a Democratic win would have the opposite effect.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Bitcoin will not reach a new <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span> until the votes are counted,&#8221;<\/em> he suggested.<\/p>\n<\/blockquote>\n<p>The expert noted that various support lines, including the mid-cycle peak of April 2021 and the 21 <span data-descr=\"day moving average\" class=\"old_tooltip\">DMA<\/span>, failed to act as support.<\/p>\n<h2 class=\"wp-block-heading\"><strong>On Election Night<\/strong><\/h2>\n<p>Bitfinex<a href=\"https:\/\/blog.bitfinex.com\/bitfinex-alpha\/bitfinex-alpha-calm-before-the-storm\/\"> noted<\/a> the &#8220;calm before the storm&#8221; in anticipation of the US elections \u2014 after reaching a three-month high, Bitcoin&#8217;s implied volatility began to decline.<\/p>\n<p>Data from<a href=\"https:\/\/www.coinglass.com\/BitcoinOpenInterest\"> CoinGlass<\/a> showed a reduction in open interest in derivatives: traders reduced both longs and shorts.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Despite the general expectation of increased price fluctuations ahead of the US elections on November 5, many market participants are hesitant to take any action, adopting a wait-and-see approach,&#8221;<\/em> the review stated.<\/p>\n<\/blockquote>\n<p>Experts predicted a powerful surge in volatility immediately after the event. Its absence could signal a &#8220;much deeper correction.&#8221;<\/p>\n<p>According to QCP Capital&#8217;s calculations, on the night the presidential race concludes, the movement of the first cryptocurrency&#8217;s rate could be 3.5% in either direction.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">QCP US Election Commentary \u2014 5 Nov 24 <\/p>\n<p>1\/ The day has finally arrived. Market tension is rising across stocks, treasuries and crypto, ahead of what\u2019s shaping up to be one of the tightest U.S. presidential races in history.<\/p>\n<p>\u2014 QCP (@QCPgroup) <a href=\"https:\/\/twitter.com\/QCPgroup\/status\/1853738970347405739?ref_src=twsrc%5Etfw\">November 5, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Traders may be underestimating the election-related risk: the lack of a volatility premium after the November 8 expiry suggests that markets expect a quick resolution, possibly not anticipating potential delays or contested results,&#8221; analysts warned. <\/p>\n<\/blockquote>\n<p>Specialists noted active purchases of both &#8220;upper&#8221; calls and &#8220;lower&#8221; puts. In their view, the dynamics of digital gold still reflect the &#8220;Trump trade.&#8221;<\/p>\n<h2 class=\"wp-block-heading\"><strong>What About Altcoins?<\/strong><\/h2>\n<p>Bitfinex described the current situation in the altcoin sector as &#8220;apathy.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The speculative interest that once supported this category has vanished. This is reflected in stable funding rates and a &#8216;muted&#8217; overall sentiment. With Bitcoin absorbing most of the capital inflow into the market, altcoins are struggling. Without a new catalyst, their prospects for a comeback appear slim,&#8221;<\/em> specialists indicated.<\/p>\n<\/blockquote>\n<p>Earlier, analyst Willy Woo stated that altcoin seasons will continue, but the intensity of returns will decrease as the cryptocurrency market matures.<\/p>\n<p>As reported by Hashkey Capital, for a new cycle in assets to begin, it is not enough for digital gold to simply exceed its all-time high. They estimate that Bitcoin needs to &#8220;pull up&#8221; to $80,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of digital gold is unlikely to break out of consolidation until the uncertainty surrounding the US presidential election winner is resolved. On election night, the movement of the first cryptocurrency&#8217;s rate could be 3.5% in either direction. Without a new catalyst, altcoins are unlikely to emerge from &#8220;apathy.&#8221; Regardless of the outcome of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[20,1146,1150],"class_list":["post-18342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-altcoins","tag-cryptocurrency-market-forecasts","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=18342"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/18341"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=18342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=18342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=18342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}