CandleFocus Market strategist 'perplexed' Bitcoin not trading at ATH, sets when BTC party will begin
2024-10-10
Author: Content Editor
Bitcoin has struggled to reach new all-time highs despite a favorable macroeconomic environment, according to a market strategist. The strategist believes that Bitcoin should be valued above $73,000, considering factors such as the Federal Reserve interest rate cut and geopolitical tensions. Bitcoin failed to hold its position above $65,000, causing doubts about its ability to act as a hedge in volatile environments. However, the strategist remains bullish and predicts that the "Bitcoin party" will start once the cryptocurrency surpasses $73,000. In the short term, Bitcoin's technical setup indicates a potential drop towards $58,000 or even $52,000. Analysts suggest that Bitcoin won't see a bullish breakout until it clears the $66,000 level. The possibility of a market dump by the US government and the correlation between Bitcoin's price and the odds of a Donald Trump win in the presidential polls are also factors to consider. Currently, Bitcoin finds support at the 50-day simple moving average, but the real test lies ahead. The market sentiment is neutral, suggesting potential for both upward and downward movement.
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