Bitcoin $73.7K breakout ‘imminent,’ sell-off intensity ‘might vary’ — Analyst

Bitcoin could beryllium nearing a trial of its all-time high, but really quickly traders will return profits remains uncertain, according to a crypto analyst.

“Should history repetition itself, Bitcoin is apt to retest its all-time precocious supra $73,750 from nan 3rd week of October into November,” Bitget main investigation expert Ryan Lee told Cointelegraph.

Bitcoin sell-off strength will hinge connected US election

Lee explained location are signs of a Bitcoin (BTC) “breakout imminent successful nan coming month,” but nan value action whitethorn get choppy.

“This bullish breakout will apt beryllium accompanied by occasional cool-offs that will construe arsenic selloffs,” Lee explained while arguing that nan sentiment of investors starring up to nan United States predetermination successful November will play a important role.

Lee noted that optimism among traders has accrued since nan US Federal Reserve trim rates by 50 ground points and nan People’s Bank of China followed pinch a 30 ground constituent cut, making riskier assets much appealing. 

He based on that if assurance builds astir nan anticipation of a “pro-Bitcoin” president, traders mightiness hesitate to sell, worried they could miss retired connected larger profit opportunities.

Bitcoiners “may want to laic retired their bets”

“They whitethorn want to laic retired their bets early to seizure early gains. This sentiment will apt thief Bitcoin grounds a bullish uptick alternatively than selloffs,” he said.

On Sept. 18, Nansen CEO Alex Svanevik said a Donald Trump victory would beryllium “bullish for crypto successful nan US.” However, if Kamala Harris wins, he believes it would beryllium “bullish for crypto extracurricular nan US,” arsenic crypto firms mightiness relocate from nan US.

During his predetermination campaign, Trump has consistently supported nan crypto industry. Speaking astatine nan Economic Club of New York connected Sept. 5, he reaffirmed his committedness to making nan US a world crypto hub.

“Instead of attacking industries of nan future, we will clasp them, including making America nan world superior of crypto and Bitcoin,” Trump stated.

Related: Bitcoin poised for volatility up of US liking complaint determination — Analysts

At nan clip of publication, Bitcoin is trading astatine $63,820, up 2.75% since Sept. 19, according to TradingView data.

Bitcoin value is up 2.75% complete nan past 7 days. Source: TradingView

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