Bitcoin Price Needs 2 Months To Return ‘Above Macro Trend’ – Prediction
Bitcoin will return “above the macro trend”, but only in 2025, says a new forecast.
In his latest X content dated November 4, Keith Allan, founder of trading resources Material Indicators, observed that the US presidential election cast a two-month shadow over Bitcoin (BTC) price action.
Bitcoin will beat the macro trend “no matter what”.
As US Election Day approaches, bitcoin traders remain primed for volatility and surprise moves, but some are looking beyond the results.
For Alan, a Trump victory would trigger a “knee-jerk” reaction in BTC/USD, and the opposite would happen if the Democrats took office.
“Bitcoin will not make a new ATH before the votes are counted,” he concluded, out of four “assumptions” about short-term BTC price performance.
Various support lines, including the April 2021 average cycle high and the 21-day simple moving average (SMA), failed to support $69,000, Alan said.
“Technical support at the 50-Day MA is coming into focus with secondary support at the 21-Week MA, but volatility can destroy the technicals,” he wrote.
BTC/USD 1-day chart. Source: Keith Allan/Ex
Going forward, Bitcoin may have long-term headaches due to geopolitical flux.
The market can take a better result until the new government officially takes office, which will be in mid-January.
“You won't get relief from this wave of $politics, stress, chaos or market volatility until Inauguration Day, January 20,” Allen concluded.
Regardless of who wins Election2024, by Q2 2025 Bitcoin will return to its previous direction above the macro trend.
The BTC price trend line is seen as lower support
As Cointelegraph continues to report, market participants are still eyeing all-time highs for Bitcoin.
Related: US Election vs. Fed Rate Cut – 5 Things to Know in Bitcoin This Week
Some forecasts predict a major price discovery event in the coming months, including a trip to $100,000 in early 2025.
Last week, BTC/USD narrowly missed matching its current record high in March.
“If things start to break down, don't take the chance of a move to the 50-week moving average and the macro trend line,” Material Indicators warned in the post.
The 50-week SMA currently sits at $59,200, data from Cointelegraph Markets Pro and TradingView show.
BTC/USD 1-week chart with 50SMA. Source: TradingView
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
