Bitcoin 
$68,287 Although it has not yet reached the expected peaks, hopes are alive due to the ongoing consolidation at higher levels. There are no prices below $60,000 anymore, and with the elections just hours away, investors are waiting for that big break to come. Alright QCP Capital What are analysts’ predictions for the markets?
Week Review
Analysts drew attention to the Core PCE data announced on Thursday in the market note they shared in the last 24 hours. Here we saw figures that exceeded expectations. Although Non-Farm Employment (NFP) balanced the negativity there as it was surprisingly low, the high potential for revision of the figures due to the hurricane limited this effect.
“Thursday’s Core PCE data came in slightly higher than expected (2.6% expected vs. 2.7% actual annually). On the other hand, Friday’s NFP data made a downward surprise (110 thousand expected vs. 12 thousand actual), causing DXY to recover and regain the 104 level.
Despite the weak NFP data, the US unemployment rate remained unchanged at 4.1%. “The market’s expectation of a 25 basis point interest rate cut in November has increased to 96.4% probability.”
Losses in stocks were offset by Amazon earnings reports on Friday. Treasury Bonds, which fell in response to the Non-Farm Employment data, climbed again to the highest level in four months. Such a performance in the week before the election is not surprising.
“Brent and WTI made slight gains on reports that Iran was preparing a retaliatory attack on Israel. BTC made fun of ATH by rising to 73,600 this week in anticipation of election week. BTCDespite ‘s outstanding performance all week, ETH remained relatively quiet and failed to break $2,700.”
The main reason for this is the classic result of increasing BTC market dominance. While BTCD rises, altcoins including ETH should remain under pressure.
Will Cryptocurrencies Rise?
We know what has happened in recent days and the reason for the fluctuation. So will cryptocurrencies rise? $2.1 billion during the week ETF entry occurred. BlackRock It experienced a massive inflow of $872 million in a single day. This figure is the first since the listing in January. So there is a growing appetite among professional investors.
Experts expect the interest in the market to increase;
“BitcoinDespite falling below $69,000 on Friday, OI for both total BTC futures and BTC options remains high at $40.65 billion and $25.3 billion respectively (+24% compared to early October). 20 and +36.76% up) we continue to see significant interest in the market.
The options market trades BTC’s 7-day implied volatility at 74.4%; This rate is significantly higher than the realized volatility rate of 41.4% in the last 7 days and indicates a significant risk premium related to the elections.
Predictions for Trump’s victory have fallen from a high of 66% on Polymarket to 57% for Trump and 43% for Harris. Whatever the outcome, we believe the Elections will be another sell-the-news event replicating the Nashville Bitcoin conference.”
In other words, analysts do not foresee a huge movement once the election results are known, as expected.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
