U.S. Presidential Election Could Rocket Bitcoin to $90K: Woo’s Prediction

Bitcoin, the world’s leading cryptocurrency, has struggled to hit its all-time high of $73,980 again this year. Yet, excitement in the crypto space remains strong! Popular analyst Willy Woo has shared some intriguing signals about Bitcoin’s short-term, medium-term, and overall outlook.

Could these signals mean a big shift is coming? Let’s explore what could be next for Bitcoin.

Short-Term Outlook: A Boost on the Horizon?

Willy Woo predicts that Bitcoin might see a short-term price increase in the next few weeks. His analysis points to a positive trend over the coming one to three weeks, giving traders a potential opportunity to benefit from quick market moves.

This potential surge could spark new optimism, especially for those seeking fast gains after recent market slowdowns.

Bitcoin started the year strong, with a 68.7% gain in Q1, but Q2 and Q3 brought losses of -12% and -10.3%. However, history shows that Q4 could bring a turnaround—nine of the last eleven Q4s have seen positive growth. Will Bitcoin follow this pattern and end the year on a high note?

Medium-Term View: Signs of a Possible Reversal?

In the medium term, the picture is more complicated. Since Bitcoin’s halving in April, the supply-demand balance has been bearish. However, Woo suggests there could be signs of a reversal that started over the last four weeks. Although this shift isn’t confirmed yet, it could signal a more positive outlook for Bitcoin in the months ahead.

Why the Election Will Be Key

The upcoming 2024 US presidential election could also have a huge impact on Bitcoin. If a pro-crypto president like Donald Trump wins, Bitcoin could surge to $90,000. Trump has been vocal about wanting to make the US a leader in crypto.

On the other hand, if an anti-crypto candidate takes office, Bitcoin could face significant losses.

Macro Trends: Re-Accumulation or Bear Market?

Looking at the bigger picture, Woo sees Bitcoin’s lower lows as a sign of a re-accumulation phase rather than a bear market. This could mean Bitcoin is waiting for the right conditions to rise again, but it might take time.

While the macro outlook doesn’t suggest an immediate drop, investors may need to be patient as the market finds its balance.

Is a Crash Coming?

Woo also warns about potential risks in traditional finance. Falling bond rates could signal a market crash, similar to what happened before the 2020 COVID crisis and the 2008 financial crisis. Historically, these crashes have been followed by long-term rallies driven by increased liquidity. However, investors should be prepared for uncertainty in the near future.

Also Read: Why Crypto Market is Up Today? Could a FED Rate Cut Spark a Massive Crypto Rally?

Is Bitcoin’s future tied to the US presidential election? Let us know your predictions.