CandleFocus Massive Bitcoin Volatility Imminent as U.S. Presidential Election Draws Near: Bitfinex
2024-10-29
Author: Content Editor
Bitcoin is expected to experience significant volatility in the coming weeks due to uncertainty surrounding the US presidential election, the "Trump trade" narrative, and past seasonal performance. The election outcome is believed to have a direct impact on BTC's price, with a Republican victory seen as bullish and a Democratic win seen as bearish. Despite the uncertainty, Bitfinex analysts remain confident in the long-term appreciation of Bitcoin's price. The cryptocurrency has already seen intense volatility, including a 6.2% plunge followed by a surge to over $71,000. Options activity for Bitcoin is also increasing, with implied volatility expected to peak on November 8. Despite the volatility, Bitcoin has remained resilient and is on track to close October in the green.
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