There’s a turbulent week ahead! The cryptocurrency market, led by Bitcoin (BTC), closed the first week of November with a short-term bearish outlook. More traders have feared the anticipated crypto volatility amid this week’s conclusion of the 2024 U.S. election and potential Fed rate cuts.
Bitcoin’s price ended last week with an inverted hammer candlestick, showing resistance as bulls faced rejection near its all-time high of around $73,000. Despite this challenge, Bitcoin’s dominance in the market climbed past 60%, indicating that investors are favoring BTC over altcoins in the current environment.
Investors are left wondering – what’s coming next? Here’s some clarity.
Following the recent approval of several spot Ether ETFs across various regions, fund managers are now considering similar products for other major altcoins, such as Solana (SOL), XRP, and Litecoin (LTC). However, demand for altcoins remains weaker than in previous bull runs, with Bitcoin maintaining the spotlight.
Crypto analyst Benjamin Cowen predicts that the altcoin market, led by Ethereum, won’t see the parabolic growth anticipated in this bull cycle until early 2025. He notes that the ALT/BTC pair has dropped below a key support level, suggesting more downward movement in the near term.
Even so, Cowen mentions the possibility of a rebound as the U.S. approaches a potential shift in monetary policy, possibly driven by a Fed rate cut.
The macroeconomic outlook remains influential on the crypto market more than seven months after Bitcoin’s fourth halving.
Prominent analyst PlanB believes that the outcome of the 2024 U.S. elections will play a significant role in shaping crypto’s direction in the months ahead, especially as the market prepares for possible policy changes under new leadership.
As the election results unfold and the Fed weighs its options, the stage is set for a thrilling ride in the crypto market—will Bitcoin lead the charge, or will altcoins finally break free from their slumber?
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