Matthew Sigel, VanEck’s head of digital assets, recently highlighted a promising market outlook for Bitcoin, attributing the favorable trend to the upcoming U.S. election. Speaking on CNBC’s Squawk Box on October 28, 2024, Sigel outlined how current conditions may set the stage for Bitcoin to continue its upward climb.
“This is a very bullish setup for Bitcoin into the election. We saw the exact same pattern in 2020 where Bitcoin lagged with low volatility and then once a winner was announced, we had a high vol rally as new buyers came into this market,” Sigel noted.
With Bitcoin now trading at $68,800, the world’s leading cryptocurrency has already gained over 55% year-to-date, marking a 100% increase over the past year. Despite recent volatility, Sigel emphasized that a bullish scenario could see Bitcoin breaking through the $70,000 threshold as the election approaches on November 5, 2024.
A Familiar Election Pattern and a Bullish Forecast
Drawing parallels to the 2020 U.S. election, Sigel pointed out that Bitcoin had shown similar patterns of low volatility leading up to that election. Once a clear winner was announced, Bitcoin saw a high-volatility rally, attracting new buyers. He expects a similar dynamic in 2024, where election uncertainty and potential shifts in regulatory stance could trigger a bullish push for BTC.
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The link between Bitcoin’s performance and election outcomes has been particularly noteworthy this year. Sigel observed that Bitcoin’s price has recently surged in line with betting odds favoring Donald Trump over Kamala Harris, indicating that the market sees Trump as a more pro-crypto candidate. According to Polymarket, Trump is currently ahead with a 66% probability, which some analysts believe adds a layer of optimism for crypto.
U.S. Dollar, Money Supply, and Bitcoin’s Position
Beyond election dynamics, Sigel emphasized Bitcoin’s negative correlation with the U.S. dollar and its positive correlation with money supply growth (M2). The Federal Reserve’s pivot from tight monetary policy and signs of seller exhaustion—following large liquidations from entities like the German government—suggest that money supply could be on the verge of accelerating. Such a scenario historically bodes well for Bitcoin, as liquidity often flows into assets like crypto during times of inflation or dollar devaluation.
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Sigel also mentioned that a potential downgrade of the U.S. sovereign debt rating by Moody’s could weaken the dollar’s standing further, indirectly bolstering Bitcoin. If the dollar continues to weaken, this could drive more investors to seek alternative stores of value like Bitcoin, Ethereum, and other altcoins.
ETF Inflows and the Bullish Market Setup
A significant factor supporting this bullish outlook is the continued inflow of funds into Bitcoin ETFs. According to recent data, strong demand for these financial products has propelled Bitcoin toward the $69,000 mark. As more institutional capital flows into crypto through regulated channels, the demand for Bitcoin and related altcoins may increase, positioning crypto assets well for the much-anticipated bull run in 2024.
What This Means for Coin Push Crypto Alerts Users
For Coin Push Crypto Alerts users, these insights serve as a valuable perspective for October 2024. As Bitcoin, Ethereum, and other major cryptocurrencies navigate this bullish environment, staying informed on factors like the upcoming election, dollar trends, and ETF inflows could be essential in gauging the market’s direction.
Though Coin Push Crypto Alerts does not offer buy, sell, or trading services, users can benefit from up-to-date crypto signals, insights, and alerts to better understand the shifts in this evolving market. With the U.S. election just around the corner, the crypto market could present significant opportunities, particularly for those watching Bitcoin’s movement as a potential precursor to the broader crypto trend.
In this setup, Coin Push Crypto Alerts offers timely updates and signals to help users stay ahead of market shifts, making the platform an invaluable tool as the 2024 bull run approaches.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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There are indications that the crypto will be distributed to players over two years rather than all at once. This approach is likely designed to prevent a rapid drop in price after listing, with the intention that only the “whales” will remain to buy up your coins gradually.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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