Bitcoin
Bitcoin (BTC) Will Thrive Regardless of US Election Outcome, Says VanEck’s Matthew Sigel
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2 hours agoon
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adminAn analyst from one of the biggest asset managers in crypto says any result of the November election will end up being bullish for Bitcoin (BTC).
In a new report for VanEck, Matthew Sigel, the firm’s head of digital asset research, says that the US federal election will likely have a significant impact on the crypto space, but will be bullish for Bitcoin regardless of which party wins.
Sigel says that both Kamala Harris and Donald Trump are bullish for Bitcoin, with only nuanced implications for digital assets.
Sigel adds both candidates will likely maintain fiscal spending – or increase it – which could lead to further quantitative easing (QE), which has historically been bullish for the asset class.
Should Kamala Harris win the November election, Sigel sees Bitcoin outperforming the broader crypto market.
“Suppose Kamala Harris were to retain Gary Gensler as SEC Chair or align closely with the Elizabeth Warren wing of the Democratic Party when it comes to finance policy, which looks increasingly likely. In that case, the digital assets industry generally is expected to confront a tightening regulatory environment that would dampen institutional adoption of digital assets in the U.S., further restricting domestic entrepreneurial activity.
On Bitcoin alone, however, we would argue that a Kamala Harris presidency might be even better for Bitcoin than a second term for Trump because it would, in our view, accelerate many of the structural issues that drive Bitcoin adoption in the first place…
Should that happen, Bitcoin’s unique regulatory clarity will likely make it even more competitive than other digital assets.”
Conversely, Sigel says the firm believes that another four years of Donald Trump is “generally bullish for the entire crypto ecosystem” as the administration is likely to be more business-friendly, particularly to crypto, perhaps.
“Regardless of the election outcome, the trend of growing fiscal deficits and rising national debt will likely continue. This suggests a weakening of the U.S. dollar, a macroeconomic environment in which Bitcoin has historically thrived.”
At time of writing, Bitcoin is trading for $63,769, up 1.12% in the past day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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As October approaches, investors are looking ahead to what the month will bring this time around for Bitcoin and the entire crypto industry. Historically, October (often referred to as “Uptober”) has been a month of significant upward momentum for Bitcoin since the crypto’s creation.
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With the previous year’s October seeing impressive gains and kickstarting a strong bull run, many investors are keenly analyzing market trends to predict where Bitcoin might be headed this time around.
Historical Context Of Uptober And What It Means For Bitcoin
Bitcoin might have a smaller history when compared to traditional asset classes, but it has had a strong history of notable patterns and repetitions. One of these is the concept of a bullish October among other months of the year.
Over the past several years, October has consistently delivered positive returns for BTC. This pattern has fostered a strong belief among investors that the coming October may hold favorable conditions for price growth, especially as market sentiment shifts towards optimism after the recent Fed interest rate cut.
According to data from CoinGlass, Bitcoin has had green monthly closes in October for the past five years. Furthermore, out of the eleven years since Bitcoin’s inception, it has recorded positive monthly closes in October on nine occasions. As expected, this consistent performance has solidified October’s reputation as a month of promise for the crypto.
For instance, Bitcoin surged by 28.52% in October 2023. This significant uptick not only marked a successful month but also paved the way for a sustained multi-month rally that ultimately saw Bitcoin reaching an all-time high of $73,780 in March 2024. Looking ahead to October 2024, if Bitcoin were to replicate a similar 28% increase, we could witness it surpassing its previous all-time high, potentially peaking above $81,000.
Current Market Sentiment
Bitcoin is currently navigating a wave of bullish sentiment, although its price growth is hampered by resistance around $63,000. To reach this price point, Bitcoin increased by about 21% last week from a low of $52,827 on September 6.
With a week remaining in September, Bitcoin’s stabilization around $63,000 indicates a possible support base for an upcoming rally. Bitcoin is also largely in a phase of accumulation, which may see smart large investors loading up throughout next week before the foreseen rally in October.
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With the clock ticking down to October, all eyes are on Bitcoin. At the time of writing, Bitcoin is trading at $63,010. This price point could soon become a thing of the past with the projections of a bull run in October. However, caution is advised, as the price performance in the last week of September could make or break a bullish sentiment leading into October.
Featured image from Pexels, chart from TradingView
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Benjamin Cowen
Ethereum in Its ‘Final Stages of Capitulation’ Against Bitcoin, According to Analyst Benjamin Cowen
Published
19 hours agoon
September 22, 2024By
adminA widely followed crypto analyst says that the Ethereum versus Bitcoin (ETH/BTC) pair is on the cusp of printing a cycle bottom.
In a new video update, crypto trader Benjamin Cowen tells his 813,000 YouTube subscribers that all altcoins will eventually bottom out against the crypto king and it appears as if ETH is poised to stop bleeding against BTC.
But Cowen says Bitcoin’s dominance level – or the ratio of BTC’s market cap compared to the market cap of all other crypto assets – is still on the rise, suggesting that ETH/BTC can still witness a leg down.
“I still think that Bitcoin dominance is in an uptrend… I think it will go probably to approximately 60%, so I don’t think Bitcoin dominance has topped, which is why ETH/BTC could go a little bit lower.”
BTC’s dominance level is currently sitting at 57.64%, according to TradingView.
However, Cowen says it is within the realm of possibility for Ethereum to bottom out against Bitcoin before the rest of the altcoin market prints cycle lows.
“There does exist a scenario where ETH/BTC bottoms before the collective altcoin market bottoms against Bitcoin…
They don’t all have to happen at the same time and I think that’s what a lot of people might forget is that some assets will bottom out against Bitcoin well before other assets bottom out against Bitcoin and all I know right now is that it looks like ETH/BTC is in its final stages of capitulation.
I don’t know how low it’s going to go but I do believe this represents final capitulation for ETH/BTC and I do think it’s going to bottom out relatively soon.”
Cowen goes on to say that the worst-case scenario for this outcome would be a bounce to the upside followed by a lower low in December.
ETH/BTC is currently trading at 0.04125 BTC ($2,597).
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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analysis
Bitcoin (BTC) Price and Hashrate Divergence May Set the Scene for a Potential Rally, Historical Data Shows
Published
1 day agoon
September 22, 2024By
adminConsistent with this pattern, bitcoin has already shown signs of recovery, gaining about $9,000 since the local bottom on Sept. 6, representing a 15% increase in value. This divergence between bitcoin’s (BTC) price and its hash rate started to shape up in July and then persisted into early September, when the computing power of the network reached an all-time high of 693 exahashes per second (EH/s) on a seven-day moving average, while bitcoin’s price was near $54,000.
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