Feeling of déjà vu with Bitcoin price? BTC last set this recent all-time high last week before rallying again above $69,000 during European trading hours.
Bitcoin It crossed the $69,000 mark early on Monday, but has since eased slightly and fallen to its current price of $68,925 as of this writing. It rose 2% on the day, according to CoinGecko data.
Looking ahead, traders have a very busy period in terms of macroeconomic factors. This week alone, a new gross domestic product report for the third quarter, consumer spending data (used to track inflation) and a new jobs report on Friday are expected to be released.
“Together, these announcements will provide a comprehensive overview of the strength of the economy, inflation trajectory and employment trends,” BRN analyst Valentin Fournier said in a shared note. There is. decryption. “These factors can have a significant impact on Bitcoin’s price trajectory.”
And next Tuesday, November 5th, Americans will head to the polls to cast their votes in the tight US presidential race between Vice President Kamala Harris and former President Donald Trump. Fournier said the election alone should push up the price of Bitcoin.
“Given the current stage of accumulation, upcoming macroeconomic data, and positive sentiment surrounding the US presidential election, we believe Bitcoin is well positioned for a strong rally,” he said. “We continue to recommend a significant allocation to Bitcoin over Ethereum to maximize potential returns.”
Meanwhile, Singapore-based cryptocurrency trading firm QCP Capital noted that President Trump's recent podcast interview appears to have significantly widened his lead over Harris on cryptocurrency-based prediction market platform Polymarket. did.
“In an interview with President Trump, joe rogan experience “The podcast, released about a week before the election, garnered significant attention with over 32 million views, and his polymarket odds were over 66%,” the company said in a trading note on Monday.
However, QCP, like BRN, believes that Bitcoin's bullish momentum is currently not that closely tied to President Trump's victory.
“Despite cryptocurrencies being touted as the ‘Trump trade,’ the odds of Bitcoin and President Trump are changing as Bitcoin aims to surpass $70,000 and renew its July high. “The correlation appears to be weakening,” the company added.
Edited by Andrew Hayward
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