{"id":18306,"date":"2024-11-04T14:16:35","date_gmt":"2024-11-04T12:16:35","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoins-potential-local-bottoms-ahead-of-us-elections\/"},"modified":"2024-11-04T14:16:35","modified_gmt":"2024-11-04T12:16:35","slug":"bitcoins-potential-local-bottoms-ahead-of-us-elections","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoins-potential-local-bottoms-ahead-of-us-elections\/","title":{"rendered":"Bitcoin&#8217;s Potential Local Bottoms Ahead of US Elections"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>The options market anticipates a new all-time high for Bitcoin by the end of November and increased volatility post-US elections.<\/li>\n<li>Traders have noted the possibility of Bitcoin&#8217;s price retreating to $65,000 before a rebound.<\/li>\n<\/ul>\n<\/div>\n<p>The price of Bitcoin is expected to hit $66,200 before a rebound ahead of the US presidential elections, according to trader Titan of Crypto.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Local Bottom at $66,200 Before a Bounce? ?<a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> couldn&#8217;t close above Tenkan ?, signaling a possible more profound pullback. <\/p>\n<p>If the breakout is confirmed, we might see a retest of Kijun ? around $66,200, which could mark a local bottom. <a href=\"https:\/\/t.co\/a3M1YBh7vA\">pic.twitter.com\/a3M1YBh7vA<\/a><\/p>\n<p>\u2014 Titan of Crypto (@Washigorira) <a href=\"https:\/\/twitter.com\/Washigorira\/status\/1853030203372474375?ref_src=twsrc%5Etfw\">November 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The price didn&#8217;t close above Tenkan [in the <\/em><a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%98%D0%BD%D0%B4%D0%B8%D0%BA%D0%B0%D1%82%D0%BE%D1%80_%D0%98%D1%88%D0%B8%D0%BC%D0%BE%D0%BA%D1%83\"><em>Ichimoku Kinko Hyo<\/em><\/a><em> indicator]. This signals a possible deeper pullback. If the breakout is confirmed, expect a retest of Kijun near $66,200, which could indicate a local bottom,&#8221;<\/em> the expert wrote.<\/p>\n<\/blockquote>\n<p>Trader Credible Crypto identified the area between $65,000 and $69,000 as a &#8220;must-bounce zone in the near term.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A quick look at some of our back-end data on <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> here:<\/p>\n<p>The good:<\/p>\n<p>OI has nearly completed reset from the most recent rise as we are seeing some de-leveraging into support (65-69k) on this drop. This is a good sign for bulls.<\/p>\n<p>In addition, the perp premium that had spiked at our\u2026 <a href=\"https:\/\/t.co\/1uDt2cL7EZ\">https:\/\/t.co\/1uDt2cL7EZ<\/a> <a href=\"https:\/\/t.co\/omjV5T9f4n\">pic.twitter.com\/omjV5T9f4n<\/a><\/p>\n<p>\u2014 CrediBULL Crypto (@CredibleCrypto) <a href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/1852794670616637472?ref_src=twsrc%5Etfw\">November 2, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Considering the high timeframe picture, a breakout of <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span> is possible before a larger correction. Let&#8217;s see if we can get this bounce, and then we can move forward,&#8221; the expert clarified.<\/p>\n<\/blockquote>\n<p>The pullback began after an unsuccessful attempt to return to the all-time high. In anticipation of the conclusion of the US presidential race, many traders opted to reduce positions.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Signals from the Options Market<\/strong><\/h2>\n<p>QCP Capital noted a significant decrease in the lead of Republican candidate Donald Trump over Democratic rival Kamala Harris. The probability of Trump&#8217;s victory is estimated at 55%, down from 66% a week ago.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1275.webp\" alt=\"1-1275\" class=\"wp-image-244435\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/polymarket.com\/event\/presidential-election-winner-2024?tid=1721030336057\">Polymarket<\/a>.<\/figcaption><\/figure>\n<p>Analysts forecast fluctuations in Bitcoin prices until the election outcome is clear, with a subsequent recovery if Trump wins and a deeper pullback if he loses.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/ Options markets, however, suggest an appetite for upside, with increased buying of Nov-end 75k Calls and election-date volatilities rising.<\/p>\n<p>\u2014 QCP (@QCPgroup) <a href=\"https:\/\/twitter.com\/QCPgroup\/status\/1853379712892199156?ref_src=twsrc%5Etfw\">November 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Experts noted optimism among options market participants for the medium-term outlook.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We are seeing increased positioning with substantial purchases of calls with strikes at $75,000 by the end of November,&#8221; they commented.<\/p>\n<\/blockquote>\n<p>Nick Forster, founder of DeFi Derive.xyz, explained to<a href=\"https:\/\/www.theblock.co\/post\/324255\/bitcoin-price-falls-forward-volatility-jumps-as-traders-brace-for-election-analyst\"> The Block<\/a> that the observed rise in volatility in the derivatives market suggests a two-in-three chance of seeing Bitcoin and Ethereum price swings of ~10% after the November 5 elections.<\/p>\n<p>For Ethereum, this range is from -8.97% to +9.85% (from $2222 to $2700), for digital gold <em>\u2014 <\/em>from -9.25% to +10.19% (from $62,500 to $75,400).<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"forklog\/40632\" data-width=\"100%\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The total open interest in Bitcoin calls is 1179 contracts, while puts stand at 885, indicating a bullish market sentiment despite potential volatility,&#8221; Forster noted.<\/p>\n<\/blockquote>\n<p>Previously, Tyr Capital and Bitget Research also warned of increased price fluctuations post-US elections. A similar view was presented by Standard Chartered.<\/p>\n<p>Bitwise identified Trump&#8217;s victory, further rate cuts by the <span data-descr=\"Federal Reserve System\" class=\"old_tooltip\">Fed<\/span>, and new stimulus measures for China&#8217;s economy as conditions for Bitcoin reaching over $80,000 by year-end.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The options market anticipates a new all-time high for Bitcoin by the end of November and increased volatility post-US elections. Traders have noted the possibility of Bitcoin&#8217;s price retreating to $65,000 before a rebound. The price of Bitcoin is expected to hit $66,200 before a rebound ahead of the US presidential elections, according to trader [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1168,1146,1145,1150,842,1326],"class_list":["post-18306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-derivatives","tag-cryptocurrency-market-forecasts","tag-market-analysis","tag-news-plus","tag-politics","tag-qcp-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"6","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18306"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18306\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18305"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}