CandleFocus Bitget Research: ETFs not the only factor behind Bitcoin’s run
2024-11-01
Author: Content Editor
The chief analyst at Bitget Research, Ryan Lee, has highlighted various factors contributing to Bitcoin's current momentum. While Bitcoin exchange-traded funds (ETFs) have played a major role in driving demand, Lee believes other catalysts are at play. These include the upcoming U.S. presidential election and the expectation of a friendlier stance towards the cryptocurrency sector regardless of the outcome. Lee also pointed out technical factors, such as the recent golden cross pattern, and upcoming economic events like the Federal Reserve's interest rate decision. Other indicators, such as CME's BTC open interest reaching an all-time high and the potential BTC acquisition by Microsoft, signal substantial interest and adoption. Lee predicts Bitcoin's price will fluctuate between $66,000 and $75,000 in November. However, market volatility is expected to remain high, as evidenced by Bitcoin's recent 4% decline.
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