A widely followed crypto analyst believes Bitcoin (BTC) is still on track to hit new all-time highs (ATHs) after a correction earlier this week.
In a new strategy session on the TechnicalRoundup YouTube channel, pseudonymous crypto analyst DonAlt say that he remains bullish on Bitcoin after it fell into the $69,000 range.
“So good every week. And the daily is excellent too. We face resistance, and that’s kind of what we’re struggling with, but it’s a resistance that’s been tested a number of times – this is the sixth time. That’s a lot. That’s not something I would necessarily want to fade away….
I assume a real all-time high breakout is coming. Right now I’m a team breakout.”
However, the analyst warns that next week’s US presidential election could cause market volatility in the short term.
He says some investors are leading Bitcoin in the belief that Republican Donald Trump will win. Trump is seen as more pro-crypto than his Democratic challenger Kamala Harris.
“The only problem we have that I think makes this a little bit risky is that the US election is coming up. And the bet on Bitcoin was kind of like a bet on Trump before the election.
Bitcoin is currently pricing in a Trump victory. That’s pretty much what this recent price action has been, and what we’re going to get in the election. People think Trump is going to win, especially crypto people… If Trump loses, I think there is a good chance it will go lower in the short term.”
The analyst believes that whoever is chosen will not play a significant factor in the price of Bitcoin in the long term.
“Overall, I don’t think whether Harris or Trump wins has much bearing on where this goes… just as the price of whether Trump or Harris wins a year from now would be about the same.”
Bitcoin is trading at $69,941 at the time of writing, down 3.3% in the past 24 hours.
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Generated image: Midjourney