Short-Term Bitcoin Volatility Anticipated as Technical Support Levels Come Under Pressure
According to a recent forecast, Bitcoin will only rise above the macrotrend in 2025. Keith Alan, co-founder of the trading resource Material Indicators, stated in his most recent X post on November 4 that the US presidential election would have a two-month impact on Bitcoin price activity. According to Alan, a Trump victory would cause a knee-jerk reaction in the price of BTC/USD, while a Democratic win would have the reverse effect.
He concluded with one of four assumptions regarding the short-term performance of the Bitcoin price: “Bitcoin will not make a new ATH before the votes are counted.” Alan pointed out that $69,000 and several support levels, including the April 2021 mid-cycle peak and the 21-day simple moving average (SMA), were not holding up.
Technical Support at the 50-Day MA is coming into focus with secondary support at the 21-Week MA, but the volatility could obliterate the technicals,
Alan
Will Bitcoin Reach $100,000? Keith Alan’s Predictions Amid Political Uncertainty
Because of geopolitical change, Bitcoin might have longer-term difficulties in the future. The market may not outperform until mid-January, when the new government is formally declared in charge.
Won’t get relief from this $hitstorm of politics induced anxiety, stress, chaos or market volatility until Inauguration Day, Jan 20th. Regardless of who wins Election2024 , by Q2 2025 Bitcoin will return to it’s trajectory above the macro trend.
Alan
In summary, a significant price discovery event, involving a journey to $100,000 in early 2025, is anticipated in the upcoming months, according to certain projections.
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