Bitcoin will rebound “above macro trends,” but new predictions only come in 2025.
Keith Alan, co-founder of trading resource Material Indicators, saw in his latest
Bitcoin will beat “anything” macro trend
Bitcoin traders are bracing for volatility and surprising moves as US Election Day approaches, but some are already looking ahead to the results.
For Alan, a Trump victory would trigger a “knee-jerk” reaction for BTC/USD, and the opposite would happen if the Democrats took power.
He concluded that “Bitcoin will not create a new ATH before votes are counted” as one of four “assumptions” for short-term BTC price performance.
Alan pointed out that various support levels, including the April 2021 mid-cycle high and the 21-day simple moving average (SMA), have failed to become support levels, as has $69,000.
“Technical support at the 50-day MA is converging with secondary support at the 21-week MA, but volatility could cause technicals to disappear,” the post acknowledged.
BTC/USD 1-day chart. Source: Keith Alan/X
Going forward, Bitcoin could become a long-term headache due to geopolitical trends.
It may take until a new government officially takes office for markets to perform well again in mid-January.
“Until Inauguration Day on January 20th, there will be no relief from the storm of politics causing anxiety, stress, chaos or market volatility,” Alan concluded.
“Regardless of who wins the 2024 election, Bitcoin will be back on track to outperform macro trends by the second quarter of 2025.”
The BTC price trendline is considered downward support.
As Cointelegraph continues to report, market participants still see Bitcoin hitting all-time highs.
relevant: US Election vs. Fed Rate Cut — 5 Things to Know About Bitcoin This Week
Some forecasts predict major price discovery events to occur in the coming months, including reaching $100,000 in early 2025.
Last week, BTC/USD narrowly missed the current record set in March.
“If things start to break down, don’t rule out a move to the 50-week moving average and potentially the macro trend line,” Material Indicators warned in a post.
The 50-week SMA currently sits at $59,200, according to data from Cointelegraph Markets Pro and TradingView.
This is a 1-week BTC/USD chart using the 50SMA. Source: TradingView
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.