We didn’t have to wait long. Today Bitcoin spiked up to over $73K US Dollars and is now flirting with it’s All Time High which might be the next logical Resistance Level for this market. It was just 5 days ago I pointed out that Bitcoin Breaks Flag Pattern so this move up was expected. In that post I wrote :-
I am now expecting a confirmation of this likely Breakout in the next few days. To me this would look like a sharp move through the $70K USD level and that could happen on a day where we see a 3-5% rally in the crypto markets across the board.
Source
That’s pretty much exactly what has happened. Todays move in Bitcoin is about a 4% jump and we’re also seeing good buying support for other top 10 Cryptos like Ethereum and Doge. Solana is up over 7% on the week. Hive is lagging a little but there is some buying there too. My point is – There is some support across the crypto markets overall. Bitcoin is once again leading from the front and driving the broader markets higher. We've seen this before...
Overall I think todays price action is fairly Bullish for the Longer Term as we head toward 2025 which is where I think the real fireworks will happen...but what happens for the rest of 2024? It’s hard to say from here because apart from the All Time High Resistance it’s clear sky above from here. I do think that the US Presidential Election is playing a big part in pumping the crypto market because lots of markets are catching a bid right now I suspect that Mr Market is gearing up for a bender. I’m inclined to wait until AFTER the election because I fully expect a Sell-The-News event to happen regardless of who wins the Presidency. That’s less than a week away now so I won’t have to wait long...
Regardless, I’m pretty happy to have gotten some of my recent calls right and it’s a good day to celebrate a little bit. If you’re invested in any crypto you’d have to be feeling good about seeing todays price action in Bitcoin. For those of us who were around in 2017 and 2021 it does get a little bit exciting to see a Breakout like this but it’s important not to get carried away.
I'm delighted to see you mention the correlation between the US presidential election and Bitcoin performance with your TA. Yes, the 4 year cycle is important and we are only 5 months from the last halving but I truly believe the US election influenced Bitcoin movements in both the 2016 and 2020 US elections.
Let's be honest so much has been going on since 2016 when US presidential elections have become bigger news than normal. In one of my previous posts I extensively evaluated Bitcoin movements and the US election cycles of 2016 and 2020, what I discovered is that they were almost mirrors of each other in terms of pattern but obviously not price.
In the month directly preceding both 2016 and 2020 elections Bitcoin starts to climb. As we move closer to election day BTC climbs even further. Then once the election is over BTC continues its vertical move. Within a few months we are in a full blown bull market. The only difference is the 2017 bull happened later than when the 2021 occurred.
I truly believe this is not a coincidence and that given the power and influence of the US economy on other economies throughout the world Bitcoin is happier when there is no political uncertainty in the only superpower remaining in the world. China still has some way to go!
However, it must be noted that we are not witnessing the exact parallels in this current election with Bitcoin price as we did in 2016 and 2020. But there is still a related pattern. This time BTC is getting more and more buoyant, I have been discussing this on chain for weeks now. Bitcoin's recent performance is encouraging, especially yesterday's. There is an energy about and it is gearing up.
The confidence and vertical price movement we are seeing in Bitcoin is encouraging for sure but it doesn't reflect the type of climb we were witnessing from BTC back in the 2016 and 2020 US election cycles. But of course it doesn't matter.
Bitcoin is clearly gaining confidence and there is a distinct whiff of bullishness about it, although we're not there yet. So far it has sustained above the $70k mark since yesterday, again another encouraging indicator. I would imagine Bitcoin is waiting for the political turmoil in America to be concluded and the new US president decided.
I think there are a lot of factors that feed into the crypto cycle. The halving is a big one, but there are too many to mention. I didn't put much weight on the US elections in previous cycles but this time its fairly clear that risk assets are getting pumped across the board (not just crypto). It's just that crypto is much more volatile / sensitive to sentiment so the RISK ON attitude Mr Market is taking is really giving us a good boost in crypto.
I'm starting to feel Crypto richer again. Thanks @buggedout
We can only hope it’s the starting of the run.
Yay bitcoin 🎉
It would be an execellent pattern if BTC monthly chart manages to close above 75k, then Nov will be a perfect bOOm month.
Sending you an Ecency curation vote
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Bitcoin to $100K , that's what people are saying
I'm waiting for the news too...
At least the uncertainty over US pairs would reduce and the market can choose a general direction...
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