3min read
Published on: Oct 29, 2024
#Crypto 360
#Price Analysis
Bitcoin has broken the very top of a trend it has followed since setting a new all-time-high.
At the same time, we are seeing a golden cross with the 50MA crossing above the 200MA on the daily chart.
This should result in a change in trend for the digital asset which has been bearish since March of this year. The next target for the asset is setting a new all time high, which could result in cascading liquidations for short positions and launch the asset toward $80,000.
With the U.S. elections and more rate-cuts expected, some analysts are predicting Bitcoin to hit $100,000 before the end of 2024.
Inflation has fallen from 9% toward the 2% target which led The Federal Reserve to cut interest rates by 50 basis points in September.
This is a dovish shift in macroeconomic policy which supports risk-on assets as investors feel more inclined to invest in crypto when interest rates are lower.
Current data from CME Group reveal that a November rate cut is almost certain with a 91% probability which could spur even more momentum into price action for Bitcoin.
The Liquidation Heatmap predicts when large scale liquidations are most likely to occur.
Looking at the Bitcoin heatmap of the past 6-months we can clearly see 2 areas where leveraged liquidations are most probable.
This chart from CoinGlass tells us that if Bitcoin breaks out of the trend and crosses $70,000 - which occurred on Monday, October 29th, 2024 - we are bound to see cascading liquidations, which may result in a short squeeze and massive upside for the most dominant cryptocurrency.
Polymarket – a predictions platform powered by Polygon – has been instrumental during the past year for analysts to gauge which way this year's US election will go.
Right now, bets are leaning toward Donald Trump and the general sentiment forecast this to be bullish for crypto. Trump has already introduced a DeFi project and a memecoin, and if he secures a win, analysts are adamant this will propel Bitcoin higher into new territories.
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This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
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