Markets
Bitcoin Price Will Be ‘Range Bound’ While US Election Is Too Close to Call: Bernstein
Published
6 hours agoon
By
adminThe Bitcoin price trajectory is set to be heavily influenced by the upcoming U.S. presidential election, Bernstein on Tuesday said, suggesting that if former President Donald Trump wins the 2024 election, Bitcoin could soar to unprecedented levels, exceeding $80,000 to $90,000.
However, in the event of a Kamala Harris victory, the near-term outlook for Bitcoin could see a sharp decline, potentially testing a new low in the $40,000 range.
“We expect Bitcoin to continue reacting to election odds, and turn more positive, if it starts sensing better Trump odds, and become range bound, if the race continues as ‘too close to call,'” said Gautam Chhugani, Global Head of Digital Assets at Bernstein, in a note shared with Decrypt.
He added that while Trump has been more overt in his courting of crypto voters, “Harris has been more conservative in her stance on digital assets, which could result in less regulatory support for the industry in the near term.”
Bernstein’s analysis also factors in market sentiment, with the report mentioning that traders on decentralized betting platform Polymarket have significantly increased positions on a Trump victory. “While not a certainty, the odds have shifted meaningfully in Trump’s favor, which suggests traders are preparing for a Trump win and its impact on markets, especially in the crypto sector,” the report said.
As of now, Polymarket shows a 7% lead for Trump over Harris. Polymarket’s odds are often seen as a reflection of market sentiment, and recent shifts in favor of Trump may impact Bitcoin’s potential price movement in the near term.
It’s been mentioned before that Polymarket explicitly excludes U.S. users from its platform and that its blockchain roots might mean its users have an inherent bias for Trump, who’s made many more explicit campaign promises to the crypto industry than his opponent. But Bernstein disagrees for the simple reason that there’s too much money on the line.
“We believe, the Polymarket liquidity with more than $1.5 billion of bets is real money in play and bettors would bet on probability than actually reflecting their bias,” the analysts write.
They further highlighted that while both candidates support digital assets, Trump’s administration is expected to provide broader backing, especially in areas such as Bitcoin mining and institutional adoption. According to the report, Trump’s policies could lead to Bitcoin breaking its previous all-time high of $74,000, pushing the cryptocurrency to new heights.
“We anticipate that Bitcoin could touch $80,000 to $90,000 if Trump secures the presidency,” the analysts said. “However, if Harris wins, there’s a risk of Bitcoin testing the lower end of the $40,000 range in the near term, reflecting concerns over regulatory tightening.”
The report also emphasizes that the outcome of the election will have implications not only for Bitcoin but also for other cryptocurrencies like Ethereum (ETH) and Solana (SOL). “We expect other crypto assets to remain range-bound until there is more clarity post-election, with Bitcoin leading the market’s movement,” the report states.
Edited by Stacy Elliott.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Source link
You may like
CYBRO token presale surpasses $3M: 1200% ROI potential
US Banks Under Pressure As JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs and Citi Battle Shrinking Margins: Report
Which Will Deliver Maximum Gains This October?
Asian Bitcoiners Are Profit Maximalists
Three under $1 altcoins that could eclipse SOL in Uptober’s massive rally
Is ATH on the Horizon After 11M TRX Burn?
BTC
Crypto Majors BTC, ETH, XRP Little Changed as HBO Calls Peter Todd the Bitcoin Creator
Published
10 hours agoon
October 9, 2024By
adminThe HBO documentary “Money Electric: The Bitcoin Mystery” sparked significant interest and speculation in the cryptocurrency community about the identity of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, in the past week. Nakamoto’s true identity, in theory, could be a sudden volatility-boosting event for crypto markets, and past attempts have been unfruitful.
Source link
Bitcoin Magazine Pro
The Bitcoin Report: Parabolic Growth Predicted for Q4 2024
Published
1 day agoon
October 8, 2024By
adminAs we enter Q4, a period historically known for strong Bitcoin performance, the latest edition of The Bitcoin Report from Bitcoin Magazine Pro delivers essential insights into the evolving market dynamics of Bitcoin. With a blend of quantitative on-chain data, technical analysis, and macroeconomic perspectives, this report offers a comprehensive look at Bitcoin’s positioning, highlighting critical opportunities and challenges for both investors and market participants.
Key Highlights from the Report:
- Historical Q4 Performance: Bitcoin has averaged a 23.3% return in Q4, showing a strong seasonal trend toward bullish performance.
- Breaking Significant Resistance: Recent technical analysis points to Bitcoin breaking through key resistance levels, potentially setting the stage for parabolic growth.
- Derivatives Market Momentum: The derivatives market shows renewed momentum, with rising open interest and reduced leverage across major exchanges.
- Mining Profitability Recovery: Mining profitability has rebounded, with hash price reaching a two-month high, signaling a strengthening of Bitcoin’s underlying fundamentals.
- Institutional Accumulation: In September, U.S. Bitcoin ETFs purchased 17,941 Bitcoins—32.9% more than the 13,500 new Bitcoins mined during the same period, indicating significant institutional demand.
This 21-page report is built on a solid foundation of on-chain metrics, technical analysis, and macroeconomic factors. It provides an in-depth examination of Bitcoin’s recent market developments, including trends like institutional accumulation and mining profitability recovery. With Q4 historically delivering strong returns for Bitcoin, the report highlights how macroeconomic factors—such as potential Federal Reserve rate cuts and liquidity injections from the People’s Bank of China—could act as catalysts for Bitcoin’s continued growth. In a low-leverage environment within derivatives markets, these monetary policies may spark a new Bitcoin rally.
Expert Analysis and Insights
Featuring exclusive commentary and insights from leading industry figures like Lyn Alden, The Rational Root, and Julian Liniger, this second monthly edition of The Bitcoin Report is a must-read for both investors and enthusiasts.
The analytical rigor presented in this edition is further enriched by the perspectives of thought leaders such as Philip Swift, Pete Rizzo, Dr. Michael Tabone, Dr. Demelza Hays, Patrick Heusser, Lucas Betschart, Lukas Pfeiffer, Pascal Hugli, and Joël Kai Lenz. Their insights cover a spectrum of issues including macroeconomic policy implications, sector-specific developments, and technical indicators. By leveraging the collective expertise of leading analysts, The Bitcoin Report delivers an unparalleled breadth of analysis, from micro-level on-chain behaviors to macro-level geopolitical and economic drivers influencing Bitcoin’s adoption curve.
Share, Discuss, and Engage
We invite you to read and download the September edition, filled with insights that will keep you ahead in this fast-evolving market. Whether you’re managing portfolios, seeking long-term Bitcoin exposure, or simply staying informed, The Bitcoin Report provides the knowledge you need to stay on top of the trend.
Feel free to share the report’s content, take screenshots, and post on social media using the hashtag #TheBitcoinReport. By tracking these conversations, we can improve future editions and continue delivering high-value content to the Bitcoin community.
Opportunities for Sponsorship and Collaboration
Interested in sponsoring future editions of The Bitcoin Report or exploring joint-publication opportunities? Partner with us to gain exposure in the fast-growing Bitcoin space.
For more information, reach out to Mark Mason at mark.mason@btcmedia.org to discuss how your brand can be part of this exciting initiative.
Source link
Sui received a major boost after stablecoin issuer Circle announced support for native USDC on the layer-1 blockchain platform’s mainnet.
Circle announced native USDC (USDC) was live on Sui (SUI) on Oct. 8.
Also notable for Sui on the day was the announcement by leading U.S.-based crypto exchange Coinbase that it had added USDC to Sui on its listing roadmap.
The news comes amid a significant surge for Sui, which has more than doubled in value over the past month. The cryptocurrency’s price rose sharply after Bybit added Sui on Launchpool.
What does native USDC mean for Sui?
Native USDC means that developers and users on Sui no longer need to bridge the stablecoin and can tap into its liquidity for decentralized finance protocols, gaming, decentralized physical infrastructure networks, and non-fungible tokens within the Sui ecosystem.
Before Circle launched USDC natively on Sui, the ecosystem used a version of USDC bridged from Ethereum via Wormhole.
This could lead to a rise in Sui’s network activity, potentially pushing its total value locked above the current $1.55 billion, according to DeFiLlama.
SUI price prediction
Sui rallied in recent weeks after a bull flag breakout, as noted by Scott Melker, a crypto investor and host of the Wolf Of All Streets podcast, in a post on X.
Sui’s price has retreated 6% in the past 24 hours, in line with dips for other top altcoins as Bitcoin (BTC) fell below $63,000. However, with a 108% increase in 30 days and bulls testing levels near the all-time high of $2.17 reached in March, is price discovery next?
If bulls hold near $2, it’s likely the next surge will push Sui past its current all-time high. However, before that happens, crypto analyst Altcoin Sherpa offered some caution regarding the altcoin:
Source link
CYBRO token presale surpasses $3M: 1200% ROI potential
US Banks Under Pressure As JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs and Citi Battle Shrinking Margins: Report
Which Will Deliver Maximum Gains This October?
Asian Bitcoiners Are Profit Maximalists
Three under $1 altcoins that could eclipse SOL in Uptober’s massive rally
Bitcoin Price Will Be ‘Range Bound’ While US Election Is Too Close to Call: Bernstein
Is ATH on the Horizon After 11M TRX Burn?
WATCH: Bitcoin Amsterdam Is Underway
ChatGPT 4.0 predicts which altcoin could turn 10k into 1m: Not SOL or TON
Crypto Majors BTC, ETH, XRP Little Changed as HBO Calls Peter Todd the Bitcoin Creator
OpenAI Unveils Global Expansion Plans After $6.6 Bln Funding
Reminder to Update Your Bitcoin Wallet's Firmware
Dogizen’s Telegram ICO raises $452K in days, driven by 1.3M gaming users
Cardano Surges In Strength—Now 10x More Powerful, Analyst Says
Is Bitcoin Developer Peter Todd Satoshi Nakamoto? HBO Documentary Reveals
182267361726451435
Top Crypto News Headlines of The Week
New U.S. president must bring clarity to crypto regulation, analyst says
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum, Solana touch key levels as Bitcoin spikes
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Why Did Trump Change His Mind on Bitcoin?
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Trending
- 3 weeks ago
182267361726451435
- 24/7 Cryptocurrency News2 months ago
Top Crypto News Headlines of The Week
- News1 month ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin2 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Opinion3 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin3 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Altcoins2 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- Donald Trump3 months ago
Why Did Trump Change His Mind on Bitcoin?