Overnight, BTC temporarily retraced to around the 30-day moving average of 66.9k. Bitcoin is unlikely to break through in the next few days, as funds often become conservative during such sensitive moments.
Before the U.S. election, Trump was always leading, but since the end of last month, the U.S. media suddenly began to promote the possibility of a Harris victory. With the media's influence, the market's bets on a Trump victory have diminished.
Now the election results are unclear; in my view, who wins is not important for us. What matters is how it will affect the cryptocurrency market. There are only two outcomes: Trump or Harris.
In the past few months of Trump's active campaigning, Bitcoin rose from a low of $49,000 to $73,000 just a few days ago. Altcoins and meme coins were also significantly affected by this news, with major price increases occurring each month. Recently, due to a reversal, Bitcoin has slightly corrected, and altcoins and meme coins have plummeted, which is a normal reaction to the expectation of 'Trump losing'. It's all a digestion of the sentiment regarding 'Trump losing'.
So what exactly would the ascension of Trump or Harris mean for the future of the cryptocurrency market?
Without the recent 'reverse news', everything should rise at the end of the month and the beginning of the next month. The election will soon break historical highs, and altcoins will rise together. After a major bullish candle, it will be time to harvest. However, after the news of Trump's 'loss', the market has already digested this, so if Trump wins, the market should quickly rebound to the levels before the decline. Currently, if he wins, it will be a surprise, and the market will quickly return to previous levels. Thus, the entry opportunity will be in the next couple of days.
'Harris winning' is not a major negative factor.
Firstly, Harris's campaign team has also accepted cryptocurrency donations; XRP apparently donated $20 million. However, Harris has not publicly expressed much support for cryptocurrencies, so the market expects Trump to be better for the cryptocurrency sector.
After the approval of Bitcoin and Ethereum ETFs, regardless of who wins the election, the legalization of cryptocurrency investments cannot be stopped.
The current market decline is a response to the 'Harris victory'. Historically, markets often drop in anticipation of negative news and tend to rebound within 24-48 hours after the announcement.
If there is an opportunity, it should be within the next couple of days. If you want to make a move, consider doing so after the recent Bitcoin dip. Bitcoin will not be significantly affected by the election in the long term, only by market cycles. To make a move, look for relatively low points; absolute lows are completely gone.
For altcoins, one can only layout at relatively low Bitcoin levels, close to support positions, to ensure relative safety. In the short term, positions can be started between 66,000 and 67,000 (because this position has a lot of leveraged accumulation and significant spot buying). If it doesn't reach there, then it's wise to wait and see for a while.
Finally, I want to say don't tie yourself to the election chariot. It's hard to predict the capital market's bullish and bearish sentiments; otherwise, we wouldn't see significant rises after negative news and falls after positive news. Everything is just a fabricated lie; only by seeing the non-duality can one truly understand!
