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<\/p>\nBitcoin is trading up 1% over the past day at $93,290, climbing from a low of under $89,400, according to CoinMarketCap.<\/p>\n
Harris said comparing the current market environment to previous years \u201cis not like-for-like,\u201d and noted that the US government shutdown had delayed key economic data for six weeks.\u00a0<\/p>\n
\u201cWhen it reopened, the backlog of information forced investors to reprice inflation and rate expectations almost overnight,\u201d he said.\u00a0<\/p>\n
Confidence among market participants in a Federal Reserve rate cut in December has also plummeted to 41%, according to the CME FedWatch Tool.\u00a0<\/p>\n
New Bitcoin high by year-end possible, but unlikely<\/strong><\/p>\n Harris said it\u2019s still possible for Bitcoin to reclaim momentum and push to new all-time highs before the end of the year, but he isn\u2019t betting on it.\u00a0<\/p>\n \u201cIt is possible, but not something we are forecasting,\u201d he said.<\/p>\n Bitcoin last reached an all-time high of $125,100 in early October, prompting traders to look toward November, historically its strongest month, for a potential continuation of the rally.\u00a0<\/p>\n Bitcoin has seen an average return of 41.35% in November since 2013, a figure inflated by a 449% surge in 2013, which is about 277% higher than that year\u2019s second-strongest gaining month, March.<\/p>\n Bitcoin showing \u201cearly signs of stabilization\u201d<\/strong><\/p>\n Bitfinex analysts believe that the worst of Bitcoin\u2019s drawdown may be nearing an end.\u00a0<\/p>\n \u201cIt feels like it is time for a local bottom to be established relatively soon,\u201d the analysts said in comments shared with Cointelegraph.\u00a0<\/p>\n \u201cAcross multiple historical cycles, sustainable bottoms have only formed after short-term holders have capitulated into losses and not before,\u201d they added.<\/p>\n However, the November gains traders are hoping for may spill into December instead. The Bitfinex team said that selling pressure is beginning to ease, with \u201cearly signs of stabilisation following one of the sharpest corrections of the cycle.\u201d<\/p>\n Analysts at crypto payments firm B2BINPAY agreed that \u201ca durable recovery can form just as quickly.\u201d\u00a0<\/p>\n \u201cThe first meaningful resistance is at the $97,000\u2013$100,000 band,\u201d they said. \u201cUntil BTC attempts to reclaim it, sentiment is highly likely to stay defensive.\u201d\u00a0<\/p>\n The US government is unlikely to start accumulating Bitcoin for its strategic reserve until other nations make the first move, says crypto entrepreneur Mike Alfred.<\/p>\n Alfred said in a podcast published on Tuesday that the US government will start putting Bitcoin (BTC) into its reserve created earlier this year \u201cwhen there is enough pressure externally.\u201d\u00a0<\/p>\n \u201cOnce the US government recognizes that others are taking action before them, that\u2019ll probably catalyze additional action in the future,\u201d he said, adding that the timeline for the US government\u2019s action is up in the air.<\/p>\n It comes as other industry executives have been pushing for the US government to step up its pace of accumulating Bitcoin to avoid the stockpile\u2019s size falling behind other nations.<\/p>\n Most governments will have Bitcoin when it\u2019s worth $1 million<\/strong><\/p>\n Alfred said that he was confident that Bitcoin would be worth $1 million a coin by 2033, a more conservative estimate compared to ARK Invest CEO Cathie Wood and Coinbase CEO Brian Armstrong, who anticipate Bitcoin will be worth seven-figures by as early as 2030.<\/p>\n \u201cI think by the time that happens, almost every government will have some direct or indirect exposure to the asset, and it will be viewed as a common strategic reserve type of asset,\u201d Alfred said.<\/p>\n US President Donald Trump signed an executive order in March directing the creation of a Strategic Bitcoin Reserve that would use budget-neutral ways to accumulate the cryptocurrency, but the plan has yet to be formally established.<\/p>\n In September, Galaxy Digital analyst Alex Thorn said there was a \u201cstrong chance\u201d the US will announce this year that it has formed a Bitcoin reserve and is \u201cformally holding BTC as a strategic asset.\u201d<\/p>\n US government risks being \u201cfront-run,\u201d says Bitcoiner<\/strong><\/p>\n Alfred added that it \u201cseemed impossible that the government would even acknowledge Bitcoin before Trump.\u201d<\/p>\n \u201cI think we\u2019ve made quite a bit of progress in a short period of time,\u201d he said.\u00a0<\/p>\n Others are urging the government to move even faster. Jan3 founder Samson Mow told Cointelegraph in June that the US \u201chas to start\u201d acquiring Bitcoin this year or risk being \u201cfront-run\u201d by nations such as Pakistan, who are also planning to acquire Bitcoin.\u00a0<\/p>\n *********************************<\/p>\n If one of the paying programs on our Monitor appeals to you, please support EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n EN web Support Chat<\/strong> | Hyips and Crypto questions \u2013 HyipChatEN<\/a><\/strong><\/p>\n Telegram Chat for Crypto and Hyip reports: @HyipChatEN<\/a><\/strong><\/p>\n *********************************<\/p>\n Be the first to get most important HYIP news everyday! If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n![](\"https:\/\/s3.tradingview.com\/news\/image\/cointelegraph:7ee044521094b-9cd619c59b0a21d1d1f47ea89011e5d8.jpeg\")
<\/p>\nUS won\u2019t start Bitcoin reserve until other countries do<\/h2>\n
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