Bitcoin 
$67,169 With the price starting to hold on to the key resistance level above $65,000, experts believe that the seven-month consolidation period is about to come to an end. Last week’s rally could be a preliminary indicator that will restart the BTC bull market starting in 2023.
Similar Price Movements of Bitcoin
Senior analyst Vettle Lund from K33 Research stated that the current crypto market structure is very similar to exactly one year ago. Lund stated that there were sharp movements in futures open interest as the ETH base followed BTC and futures traders became more aggressive.
K33 Research – Vettle Lund: “The current crypto market structure is very similar to exactly one year ago.”
Effect of Halving and Elections on BTC
Popular crypto analyst named Intuito showed that Bitcoin has experienced four halvings and elections in the last 12 years and that the BTC price after the halving generally remained stable, while after the elections the crypto asset started a parabolic rise. With Trump’s victory in the US presidential elections, the analyst seems hopeful, expecting crypto markets to respond with a parabolic move on the November 5 results day.
Intuito: “After the elections, the crypto asset starts a parabolic rise.”
Seasonality of Bitcoin
Despite past volatility, Bitcoin’s estimated leverage remains low. On-chain analyst Axel Adler Jr. stated that the leverage volume is at 32% and if it rises above 55%, liquidations may be triggered.
Axel Adler Jr.: “Leverage volume is at 32%. If it rises above 55%, liquidations may be triggered.”
While the general outlook on Bitcoin price remains in an upward trend in the long term, the short-term outlook has begun to shift from uncertainty to bullish direction. It is important to examine how recent Bitcoin price movements affect this change.
The daily Bitcoin chart shows that higher lows and higher highs have been formed recently. This indicates a change in the market structure in favor of the bulls. BTC is targeting the psychologically important level of $70,000 and has the potential to surpass the all-time high at $73,777. However, if BTC fails to maintain the $65,000 support, the price is likely to retreat to the lower end of the current consolidation.
In general, while the upward trend of the BTC price continues in the long term, uncertainties continue in the short term. Investors closely follow the effects of factors such as elections and halvings on the price.
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.
