There are two major events next month: the US presidential election and the Federal Reserve's interest rate cut. The presidential election is likely to be won by Trump, which is basically confirmed if nothing unexpected happens, which means good news for the cryptocurrency industry. After all, Musk is a capable general in Trump's campaign, and both are supporters of digital currency.
But everyone must see clearly that if the current market of Bitcoin is fluctuating at a certain bottom, then there is a high probability that it will rise sharply next. In reality, Bitcoin has been strongly pulling up for two consecutive weeks, and the increase has reached 10,000 US dollars! There is almost no turning back, which means that the rise is very strong, but it does not mean that there will still be more volume to support the next rise. On the contrary, more chips are waiting for higher shipments!
The market conditions before the end of October must be viewed with caution. If the cryptocurrency market is favorable in November, there will definitely be a large-scale market cleansing afterwards. Otherwise, how can the market makers reap the benefits in a favorable market?
Once 70,000 is touched and not stabilized, the next step is a sharp decline, preparing for the favorable rise in November. If the trend level is fully understood, the short-term rise and fall will not have any impact on your trading. My personal suggestion is still to short at highs, and take profit in the range of 63,000-65,000. If the bottom is formed, you can go long in batches to ambush the favorable conditions in November.
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