As the U.S. election approaches, analysts predict that Bitcoin’s price may rise, though they also caution about a possible sell-off after the results are announced on November 5.
Edouard Hindi, CIO of Tyr Capital, stated that profit-taking could impact Bitcoin’s price following the election. He emphasized, “Bitcoin’s price might be affected by profit-taking, but bottom-level buyers may maintain solid support below $60,000.”
Despite potential short-term volatility, Hindi remains optimistic about Bitcoin’s long-term outlook, suggesting BTC could regain momentum and reach new highs in 2024.
Ryan Lee, Chief Analyst at Bitget Research, also shares this view, highlighting BTC’s growth potential as Americans prepare to vote next Tuesday. According to Lee, several factors support Bitcoin’s potential for a price increase, particularly the anticipated Federal Reserve interest rate cut on November 7, just two days after the election.
The market expects a 25-basis-point cut, bringing rates down to 4.5% to 4.75%, reflecting the Fed’s efforts to stabilize economic growth.
