Bitcoin (BTC) Analyst Identifies Bullish Signal Leading Up to US Presidential Election

A Bitcoin analyst has identified a bullish signal for Bitcoin leading up to the U.S. presidential election. The analyst stated in a podcast that Bitcoin is forming a higher monthly close, suggesting a potential shift in the market trend after months of sideways movement.

A Bitcoin analyst has observed a bullish signal for the cryptocurrency ahead of the U.S. presidential election.

“Bitcoin is forming a higher monthly close, which could indicate a potential shift in the market trend after months of sideways movement,” the analyst said in a recent podcast.

Bitcoin recovered from a midweek pullback after dropping to $65,000 on Wednesday. The cryptocurrency formed a higher low, which is typical of an uptrend. Despite the pullback, Bitcoin closed at $66,601 on Wednesday, matching the previous swing-high.

“Bitcoin is only 6.5% away from breaking through the next resistance level and 13% away from the all-time high,” the analyst added.

Bitcoin’s recent pullbacks occurred because the cryptocurrency is correlated with mainstream assets, according to the analyst.

“If you look at the S&P 500 trend, you will notice some momentary rallies and pullbacks that coincide with Bitcoin's price behavior,” the analyst said.

“Bitcoin and the S$P 500 have maintained a close relationship since August, both rising and declining at similar moments.”

However, the analyst noted that the bulls remain in control of the cryptocurrency market from a long-term perspective.

“Bitcoin weekly chart shows the bulls have controlled the market since 2023,” the analyst said.

“From January 2023 to March 2024, Bitcoin rallied over 350% to reach its $73,794 all-time high. Despite consolidating into a sideways trend, Bitcoin retains a profit of over 310% at the current price, counting from the beginning of 2023.”

“As long as the S$P 500 and the stock market remain stable and continue trending up, Bitcoin will reach an all-time high before the end of this year,” the analyst added, citing Bitcoin's monthly chart, which shows a potential new upward phase.

The above-mentioned analysis is provided solely for informational and educational purposes. It does not constitute financial advice or an endorsement of any specific company, product, or service.