{"id":51709,"date":"2024-09-27T01:12:00","date_gmt":"2024-09-27T01:12:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-breakout-imminent-bullish-all-time-high-us-election"},"modified":"2024-09-27T06:18:48","modified_gmt":"2024-09-27T06:18:48","slug":"bitcoin-73-7k-breakout-imminent-sell-off-intensity-might-vary-analyst","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51709","title":{"rendered":"Bitcoin $73.7K breakout \u2018imminent,\u2019 sell-off intensity \u2018might vary\u2019 \u2014 Analyst"},"content":{"rendered":"

Bitcoin could be nearing a test of its all-time high, but how quickly traders will take profits remains uncertain, according to a crypto analyst.<\/p>\n

\u201cShould history repeat itself, Bitcoin is likely to retest its all-time high above $73,750 from the third week of October into November,\u201d Bitget chief research analyst Ryan Lee told.<\/p>\n

Bitcoin sell-off intensity will hinge on US election<\/h2>\n

Lee explained there are signs of a Bitcoin (BTC) \u201cbreakout imminent in the coming month,\u201d but the price action may get choppy.<\/p>\n

\u201cThis bullish breakout will likely be accompanied by occasional cool-offs that will translate as selloffs,\u201d Lee explained while arguing that the sentiment of investors leading up to the United States election in November will play a significant role.<\/p>\n

\u201cThe intensity of these selloffs might vary, depending on investors\u2019 disposition to the coming election.\u201d<\/p><\/blockquote>\n

Lee noted that optimism among traders has increased since the US Federal Reserve cut rates by 50 basis points and the People\u2019s Bank of China followed with a 30 basis point cut, making riskier assets more appealing.<\/p>\n

He argued that if confidence builds around the possibility of a \u201cpro-Bitcoin\u201d president, traders might hesitate to sell, worried they could miss out on larger profit opportunities.<\/p>\n

Bitcoiners \u201cmay want to lay out their bets\u201d<\/h2>\n

\u201cThey may want to lay out their bets early to capture future gains. This sentiment will likely help Bitcoin record a bullish uptick rather than selloffs,\u201d he said.<\/p>\n

On Sept. 18, Nansen CEO Alex Svanevik said a Donald Trump victory would be \u201cbullish for crypto in the US.\u201d However, if Kamala Harris wins, he believes it would be \u201cbullish for crypto outside the US,\u201d as crypto firms might relocate from the US.<\/p>\n

During his election campaign, Trump has consistently supported the crypto industry. Speaking at the Economic Club of New York on Sept. 5, he reaffirmed his commitment to making the US a global crypto hub.<\/p>\n

\u201cInstead of attacking industries of the future, we will embrace them, including making America the world capital of crypto and Bitcoin,\u201d Trump stated.<\/p>\n

Related: <\/strong><\/em>Bitcoin poised for volatility ahead of US interest rate decision \u2014 Analysts<\/strong><\/em><\/p>\n

At the time of publication, Bitcoin is trading at $63,820, up 2.75% since Sept. 19, according to TradingView data.<\/p>\n

\"\"
Bitcoin price is up 2.75% over the past seven days. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

Magazine: <\/strong><\/em>Lady of Crypto will be \u2018all out of crypto\u2019 by September 2025: X Hall of Flame<\/strong><\/em><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin could be nearing a test of its all-time high, but how quickly traders will take profits remains uncertain, according to a crypto analyst. \u201cShould history repeat itself, Bitcoin is likely to retest its all-time … Bitcoin $73.7K breakout \u2018imminent,\u2019 sell-off intensity \u2018might vary\u2019 \u2014 Analyst<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51712,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3812,5652,10,159,97],"class_list":["post-51709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin $73.7K breakout \u2018imminent,\u2019 sell-off intensity \u2018might vary\u2019 \u2014 Analyst - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51709\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin $73.7K breakout \u2018imminent,\u2019 sell-off intensity \u2018might vary\u2019 \u2014 Analyst - 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