Bitcoin (BTC) could be nearing a test of its all-time high, but how quickly traders will take profits remains uncertain, says a crypto analyst.
“Should history repeat itself, Bitcoin is likely to retest its all-time high above $73,750 from the third week of October into November,” Bitget chief research analyst Ryan Lee told Cointelegraph.
Bitcoin sell-off intensity will hinge on US election
Lee explained there are signs of a Bitcoin “breakout imminent in the coming month,” but the price action may get choppy.
“This bullish breakout will likely be accompanied by occasional cool-offs that will translate as selloffs,” Lee explained while arguing that the sentiment of investors leading up to the United States election in November will play a significant role.
“The intensity of these selloffs might vary, depending on investors’ disposition to the coming election.”
Lee noted that optimism among traders has increased since the US Federal Reserve cut rates by 50 basis points and the People’s Bank of China followed with a 30 basis point cut, making riskier assets more appealing.
He argued that if confidence builds around the possibility of a “pro-Bitcoin” president, traders might hesitate to sell, worried they could miss out on larger profit opportunities.
Bitcoiners ‘may want to lay out their bets’
“They may want to lay out their bets early to capture future gains. This sentiment will likely help Bitcoin record a bullish uptick rather than selloffs,” he said.
On Sept. 18, Nansen CEO Alex Svanevik said a Donald Trump victory would be “bullish for crypto in the US.” However, if Kamala Harris wins, he believes it would be “bullish for crypto outside the US,” as crypto firms might relocate from the US.
During his election campaign, Trump has consistently supported the crypto industry. Speaking at the Economic Club of New York on Sept. 5, he reaffirmed his commitment to making the US a global crypto hub.
“Instead of attacking industries of the future, we will embrace them, including making America the world capital of crypto and Bitcoin,” Trump stated.
Related: Bitcoin poised for volatility ahead of US interest rate decision — Analysts
At the time of publication, Bitcoin is trading at $63,820, up 2.75% since Sept. 19, according to TradingView data.
Bitcoin price is up 2.75% over the past seven days. Source: TradingView
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.