Bitcoin (BTC) to explode after U.S. elections
- Bitcoin has been averagely performing for the last two weeks, including the recent pullback.
- Top analysts predict that Bitcoin will remain slower until the U.S. elections.
- Bitcoin will surpass all previous support zones and set a new all-time high if the bulls remain in its favor.
Bulls in the cryptocurrency market are not pushing Bitcoin further enough to reclaim the $12,000 mark. And as per top experts, the scenario will rather stay the same for next couple of months.
Bitcoin correlation with the stock market
One of the main factors affecting Bitcoin is its association with the stock market. For instance, major companies worldwide are facing significant threats due to COVID-19.
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Though market shares of such companies are plummeting steadily, and as the stock market continues to tumble down, Bitcoin will likely remain in the bearish zone. Besides, the political scenario in the U.S. is also ruling the price of Bitcoin.
Apart from elections, the sudden demise of Supreme Court Judge, Ruth Bader Ginsburg is boosting the concern regarding the economic culture. The director of major cryptocurrency exchange e –Toro said:
“Uncertainty around the election and in the aftermath of Supreme Court Justice Ruth Bader Ginsburg’s death has caused a panic in equities markets. When traditional assets nosedive as they have today, traders will often liquidate a broad cross-section of holdings while they try to cover liabilities, thus leading bitcoin to drop even more sharply today than any of the major equity indices in the US.”
The director of institutional research at Trade Block agrees to Ruth Bader’s comments. Todaro states inflation will help Bitcoin to grow further and the standard stock market will face a massive downfall.
“You are seeing this spread across markets, including in digital currencies. Despite this drop, especially if uncertainty continues and markets become even more nervous about how the US election will play out, it makes sense if bitcoin were to see a significant recovery as equities continue to experience downward momentum.”
Bitcoin will move upward in the next few months
After reviewing Bitcoin’s performance for the last few months. BTC is not in the mood to mark a new high and bulls are not pushing its price further. However, the next few months will determine the growth of BTC/USD. It is only a matter of time for Bitcoin to recover its previous losses and set new highs.