Bitcoin (BTC) to Burst after U.S. elections
- Bitcoin has been averagely performing for the past two weeks, including the recent pullback.
- Top analysts predict that Bitcoin will remain slower until the U.S. elections.
- Bitcoin will surpass all previous support zones and set a new all-time high if the bulls remain in its favor.
Bulls from the cryptocurrency market are not pushing Bitcoin further enough to reclaim the $12,000 mark. And as per top experts, the situation will rather stay the same for next couple of months.One of the main factors affecting Bitcoin is its affiliation with the stock market. For instance, major companies worldwide are facing significant threats due to COVID-19.
Though market shares of such companies are plummeting steadily, and as the stock market continues to tumble down, Bitcoin will probably stay in the bearish zone. Anyway, the political situation in the U.S. is also ruling the price of Bitcoin.
Apart from elections, the sudden demise of Supreme Court Judge, Ruth Bader Ginsburg is boosting the concern about the economic culture.
The director of major cryptocurrency exchange e-Toro said:
“Uncertainty around the election and in the aftermath of Supreme Court Justice Ruth Bader Ginsburg’s death has caused a panic in equities markets. When traditional assets nosedive as they have today, traders will often liquidate a broad cross-section of holdings while they try to cover liabilities, thus leading bitcoin to drop even more sharply today than any of the major equity indices in the US.”
The director of institutional research at Trade Block agrees to Ruth Bader’s comments. Todaro states inflation will help Bitcoin to grow further and the conventional stock market will face a massive downfall.
“You are seeing this spread across markets, including in digital currencies. Despite this drop, especially if uncertainty continues and markets become even more nervous about how the US election will play out, it makes sense if bitcoin were to see a significant recovery as equities continue to experience downward momentum.”
Bitcoin will move upward in the upcoming few months.
After reviewing Bitcoin’s performance for the last couple of months. BTC isn’t in the mood to mark a new high and bulls aren’t pushing its price further. However, the next few weeks will determine the growth of BTC/USD. It’s only a matter of time for Bitcoin to recover its past losses and set new highs.