Bitcoin is poised for a rally this week. However, rising tensions in the Middle East hampered the rally.
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Howdy! Eric here.
Bitcoin should be on a tear right now.
At least that's according to analysts who predict a rally will start early in the week. There's a reason they're bullish.
Historically, the last quarter was the best period for the $1.2 trillion cryptocurrency. According to CoinMarketCap analysts, Bitcoin has rallied 90% over the past decade.
This year was no different.
The Federal Reserve has finally cut interest rates and more are likely to follow. CME Groups FedWatch The tool puts the odds of another 0.5% rate cut in November at 30% and a more modest 0.25% cut at 70%.
Elsewhere, spot bitcoin exchange-traded funds saw renewed inflows and Beijing's initiatives to supercharge China's economy released a wave of liquidity into the market.
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Vice President Kamala Harris has also tentatively embraced digital assets, further indicating how Capitol Hill has warmed to crypto.
The stage is set for Bitcoin to reach new heights.
Then Iran fired missiles at Israel, sparking fears of a wider conflict.
Bitcoin is trading at just under $61,000, down nearly 7% from seven days ago.
Now traders are left with one question: When will Bitcoin rebound?
Before the end of the year, BlackRock refers to an analysis of Bitcoin movements after such events.
As reported by Liam Kelly, the asset management giant found Bitcoin's double-digit rally 60 days after major geopolitical events.
And that's what analysts say should push Bitcoin to a new record.
In the meantime, the crisis offers investors an opportunity to buy bitcoin cheaply, says Quinn Thompson, founder of hedge fund Lecker Capital.
It was “a no-brainer,” he said this week.
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Post of the week
US Congressman French Hill drew attention to Binance executive Tigan Gambarian, who is still in prison in Nigeria.
thank you @USAmbUN To emphasize the importance of the release of Tigran Gambarian. I have repeatedly called on the Nigerian government to immediately release Tigran and will not stop doing so until he is safely back on American soil. https://t.co/QU39zKsrgO
— French Hill (@RepFrenchHill) October 1, 2024
thank you @USAmbUN To emphasize the importance of the release of Tigran Gambarian. I have repeatedly called on the Nigerian government to immediately release Tigran and will not stop doing so until he is safely back on American soil. https://t.co/QU39zKsrgO
— French Hill (@RepFrenchHill) October 1, 2024
Eric Johnson is the news editor for DL News. Got a tip? Email at [email protected].
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