CandleFocus History Suggests Crypto’s Bullish Momentum Should Continue Into the U.S. Election and Afterwards
2024-10-16
Author: Content Editor
The average return for Bitcoin in the second half of October has historically been twice that of the first half. Options markets are showing a bullish bias for November and December expirations. The impact of the U.S. election is expected to have the greatest effect on Dogecoin (DOGE) and Cardano's ADA. Traders are positioning themselves for what will happen after the election and how a new administration will respond to factors affecting financial markets, including crypto. Recent gains in the crypto market have been attributed to Chinese stimulus, Western central bank rate cuts, and the upcoming U.S. election. Data from ETC Group suggests that Bitcoin could move up to 10% in either direction based on the election outcome, and Cardano and Dogecoin could see 18% and 20% moves, respectively. The options market also indicates a bullish sentiment towards Bitcoin, with call open interest at the $70,000 and $80,000 strike prices.
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