Bitcoin’s (BTC) Inverse Ties With Dollar Index (DXY) Challenged as U.S. Election Looms
Many market participants are optimistic about the price of Bitcoin in the coming weeks, especially in the event of a Trump win. According to Jonathan de Wet, Chief Investment Officer at the crypto liquidity provider Zerocap, the upside convexity on a Trump win is worth being long.
De Wet stated in an email that market participants are currently building positions in anticipation of a potential Trump win. He believes that in the absence of an escalating crisis, BTCUSD could reach $70,000 in the coming weeks.
Furthermore, De Wet predicts that Bitcoin’s price will continue to rise off its current downside support, with equities breaking further highs. This bullish outlook is driven by the positive sentiment surrounding a potential Trump victory and the overall market conditions.
As Bitcoin continues to gain traction as a mainstream asset, more investors are turning to cryptocurrencies as a hedge against traditional financial markets. This increased demand, combined with the potential for a Trump win, could push Bitcoin’s price to new heights in the near future.
Overall, the outlook for Bitcoin remains optimistic, with many market participants expecting BTCUSD to hit $70,000 in the coming weeks. While future price movements are always uncertain, the current market conditions and sentiment suggest that Bitcoin could be on the verge of a significant price increase.
