Bitcoin's Recent Surge
Déjà vu for Bitcoin as it climbs back above $69,000 during European trading hours, marking a significant rebound after hitting this level just last week. Currently, Bitcoin sits at a price of $68,925, reflecting a 2% increase on the day according to CoinGecko.
Upcoming Economic Reports
Traders are gearing up for an extremely busy week as crucial macroeconomic reports are set to be released. These include:
- A new Gross Domestic Product (GDP) report for Q3
- Personal consumption data to track inflation
- A jobs report due on Friday
BRN analyst Valentin Fournier noted that these releases will provide insight into the economy’s strength, inflation trajectory, and employment trends, all of which can significantly influence Bitcoin's price.
The Impact of the US Election
On November 5, Americans will vote in a closely contested presidential election between Vice President Kamala Harris and former President Donald Trump. Fournier believes that just having the election decided should provide a boost to Bitcoin's price.
"Given the current accumulation phase, upcoming macroeconomic data, and the positive sentiment surrounding the U.S. presidential election, we believe Bitcoin is well-positioned for a strong upward move," Fournier stated, recommending a substantial allocation to Bitcoin over Ethereum for maximizing potential gains.
Trump’s Influence on Bitcoin
Singapore-based crypto trading firm QCP Capital observed that a recent Trump podcast interview has seemingly enhanced his lead over Harris on the crypto prediction market platform Polymarket. The interview on the Joe Rogan Experience podcast has gained over 32 million views, pushing Trump's Polymarket odds above 66%.
However, both QCP and BRN believe that Bitcoin's bullish momentum is becoming less dependent on Trump's success in the election. Despite being dubbed the 'Trump Trade,' BTC’s correlation with Trump’s odds appears to be weakening as it aims to break the $70,000 mark and surpass its July highs.
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