Today is the Day Bitcoin Wins Again

Thu, 07 Nov 2024 14:27:08 +1100

US election day is upon us, but a new Bitcoin all-time high also looms.

In the past 24 hours, Bitcoin has rallied, increasing over 5.5% from yesterday’s low. Why? It’s no secret that a Donald Trump victory is seen as bullish for Bitcoin, both in the short and long term. Over the past week, Bitcoin’s price has strongly correlated with Trump’s odds of winning the election.

When Trump’s odds were rising, reaching a 67% chance to win (Polymarket) and $1.53 (Sportsbet), Bitcoin approached its previous all-time high. However, over the last five days, Trump’s odds fell from 67% to 55%, with betting markets adjusting to $1.75, and Bitcoin responded by declining. We saw a low of $66.8k yesterday. Since then, Trump’s odds have increased to 61%, with odds of $1.57, and Bitcoin has climbed by over 5.5%, trading back above $70k. This election will likely dictate Bitcoin’s short-term direction until a winner is decided. Although Trump is currently the favorite, election results often fluctuate as states announce their counts, creating potential dips and buying opportunities. Contact your Stormrake Broker; we’re monitoring Bitcoin and the election closely and are ready to assist with your Bitcoin purchases.

The short-term outlook is simple: if Trump wins, Bitcoin could rally and reach new all-time highs. If Kamala Harris wins, Bitcoin might see a pullback (not a reversal), but all-time highs will still follow.

The long-term outlook is even clearer: Bitcoin is set to win regardless of the election result, with six-figure Bitcoin on the horizon in 2025.

If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.

Stormrake Spotlight: TAO ($454.5)

TAO has once again demonstrated strength as a solid coin during bullish market conditions. From yesterday’s low of $403, TAO surged by 15% and is now up 5% from our initial mention in the Morning Note. TAO remains a coin to watch, with pullbacks presenting buying opportunities. This is a great example of Stormrake Spotlight’s effectiveness, as dollar-cost averaging into a robust altcoin during market dips can yield strong returns.

BTC/USD Key Levels and Price Action:

Source: https://www.tradingview.com/x/grFAxrdm/

Bitcoin bounced perfectly from the key support level yesterday, rallying up to our target of $70k. With this move, Bitcoin has flipped short-term bullish once more, with the 21 and 55 EMA crossing and BTC trading above both. Although BTC was initially rejected at this target, it’s likely to retest this level soon, now supported by the 21 EMA, which has consistently acted as a solid bounce level during bullish momentum. Once we clear $70k, the next target is $71.7k. A sharp rally to this level could potentially smash through to new all-time highs—especially if Trump wins.

BTC Total ETF Flows for 5 Nov: $ N/A million

(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)

ETH/USD Key Levels and Price Action:

Source:https://www.tradingview.com/x/OKSKwF2a/

Ethereum continues to lag, trading only 2.5% above yesterday’s low. It remains below all moving averages and hasn’t flipped into a bullish trend, unlike major altcoins like SOL and SUI, which are now trading 7% and 10% higher, respectively. Until ETH shows signs of bullish momentum, it’s will continue to underperform Bitcoin and other altcoins. Key levels for ETH remain at $2,556 and $2,300.

ETH Total ETF Flows for 5 Nov: $ N/A million

(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)

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Written by Alexandar Artis

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