2024

Donald Trump

Bitcoin

<p class="is-style-lead">Will Bitcoin’s near-60% dominance surge translate into a breakout above $100K with the help of November’s market-shaping events, or will unexpected factors derail BTC’s upward journey?</p> 
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 <p>Table of Contents</p>
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  <ul>
   <li><a href="#btc-dominance-holding-strong">BTC dominance holds strong amid market shifts</a></li>
   <li><a href="#btc-et-fs-and-enticing-milestones">BTC ETFs closing in on major milestones</a></li>
   <li><a href="#election-odds-and-what-they-mean-for-bitcoins-future">Election odds and what they mean for Bitcoin’s future</a></li>
   <li><a href="#crypto-and-macro-perspective">Crypto and macro perspective</a></li>
  </ul>
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</div> 
<h2 class="wp-block-heading" id="btc-dominance-holding-strong">BTC dominance holds strong amid market shifts</h2> 
<p>As autumn peaks, Bitcoin’s (<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>) market dominance—the percentage of the total crypto <a rel="" href="https://crypto.news/glossary/market-cap-in-crypto/">market cap</a> it holds—is creating an intriguing scenario. Currently, at around 59.7%, a level last reached in April 2021, it appears set to cross the 60% threshold.</p> 
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 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfQfuv1PsHi3itog6zgxydtA_gWCGBWTkx58fGGnOMketqpotO2BQuGwMkIcfI-vHUjMikxhGwGlKXO53UytUEiv0b1HzGogKFts2cSf_7W7pj5FUJDkEo1K0NEQy8Ucrdr5nzN8Ea2bo34TCA3Uye197ty?key=aqaz4qnyU0MhhN-Y4CMM4StN" alt="BTC dominance nears 60% — Will November’s rate cuts and election push Bitcoin past $100K? - 16">
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  BTC dominance chart (2021-now) | Source: TradingView
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<p>As of Oct. 28, Bitcoin’s price has risen by nearly 2.5% in the past 24 hours, pushing it to around $69,000. Now, it’s inching closer to the $70,000 milestone — a “psychological resistance” level that could shape market sentiment.</p> 
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 <img loading="lazy" decoding="async" width="1856" height="1086" src="https://crypto.news/app/uploads/2024/10/BTCUSDT_2024-10-28_17-46-43.png" alt="BTC dominance nears 60% — Will November’s rate cuts and election push Bitcoin past $100K? - 17" class="wp-image-14306516">
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  BTC 6-month price chart | Source: TradingView
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<p>This rise in Bitcoin’s dominance supports the idea that we’re in a “Bitcoin Season.” The Altcoin Season Index, which currently <a href="https://coinmarketcap.com/charts/" target="_blank" rel="nofollow">sits</a> at a low of 25, shows that only 25% of the top 100 non-stablecoins have outperformed Bitcoin in the last three months. On this scale of 1 to 100, a score of 25 or below signals Bitcoin Season.</p> 
<p>What’s particularly interesting is that this surge in Bitcoin’s dominance aligns with some major upcoming events. First, the <a rel="" href="https://crypto.news/tag/us-elections/">U.S. presidential election</a> on Nov. 5 could be monumental for crypto.</p> 
<p>Furthermore, just two days after the election, the Federal Reserve will meet for its next policy review on Nov. 7. Speculators using the CME FedWatch Tool are almost <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="nofollow">certain</a> of a 25 basis point rate cut, with a 97% probability.</p> 
<p>With Bitcoin’s dominance pushing toward 60% and these key catalysts on the horizon, let’s explore the market’s current pulse and what experts forecast for Bitcoin and the broader crypto ecosystem.</p> 
<h2 class="wp-block-heading" id="btc-et-fs-and-enticing-milestones">BTC ETFs closing in on major milestones</h2> 
<p>With November’s calendar packed with market-shifting events, Bitcoin ETFs are nearing a milestone that could further solidify Bitcoin’s standing in the financial ecosystem.</p> 
<p>As U.S. spot Bitcoin ETFs approach a combined 1 million BTC holdings, traders are eyeing potential tailwinds to drive the market higher.&nbsp;</p> 
<p>Currently, these ETFs hold around 977,000 Bitcoin, valued at approximately $67.4 billion — about 5% of Bitcoin’s total market cap of $1.36 trillion.</p> 
<p>Reaching the one-million BTC milestone would signal an unprecedented level of institutional engagement and could serve as a catalyst for additional price momentum.&nbsp;</p> 
<p>Nate Geraci, President of ETF Store, estimates that an influx of around $1.5 billion would allow these funds to acquire the extra 23,000 BTC needed to reach this historic threshold.&nbsp;</p> 
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   <p lang="en" dir="ltr">Spot bitcoin ETFs now about 23,000 away from holding 1,000,000 btc…<br><br>Or almost 5% of btc final total supply.<br><br>via <a href="https://twitter.com/apollosats?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@apollosats</a> <a rel="nofollow" href="https://t.co/QnrOPr6vPX" target="_blank">pic.twitter.com/QnrOPr6vPX</a></p>— Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1850692964642586916?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 28, 2024</a>
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<p>This milestone could be achieved as early as this week if ETFs maintain an average of $300 million in daily inflows.</p> 
<p>Recent inflows — around $3 billion in just the last two weeks, according to Bitcoin analyst Alessandro Ottaviani — have led many analysts to predict that Bitcoin could reach new all-time highs if this momentum persists through November.</p> 
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   <p lang="en" dir="ltr">In the last two weeks we had $3B net inflow from the Bitcoin Spot ETFs.<br><br>If this pace continues through November, ATH will be inevitabile</p>— Alessandro Ottaviani (@AlexOttaBTC) <a href="https://twitter.com/AlexOttaBTC/status/1850640694265679929?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 27, 2024</a>
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<p>In addition, the Fed’s upcoming Federal Open Market Committee meeting will address a potential 25 basis point rate cut. Should this rate cut proceed, it could inject fresh liquidity into the market, potentially boosting Bitcoin’s upward momentum.</p> 
<p>On the international front, Russia is set to lift its ban on Bitcoin mining on Nov. 1, reflecting a broader trend of governments easing crypto restrictions, which could further bolster Bitcoin’s appeal and add stability to its network.</p> 
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   <p lang="en" dir="ltr">REMINDER 🔥: <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> mining becomes legal in Russia starting November 1st! <a rel="nofollow" href="https://t.co/CHrcqxT2nk" target="_blank">pic.twitter.com/CHrcqxT2nk</a></p>— Simply Bitcoin (@SimplyBitcoinTV) <a href="https://twitter.com/SimplyBitcoinTV/status/1850601277434286349?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 27, 2024</a>
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<p>Altogether, these favorable developments may lay the groundwork for Bitcoin’s next major move.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/how-putin-proposed-to-destroy-the-us-dollar-brics/"> How Putin proposed to ‘destroy the US dollar’ and what digital assets have to do with it? </a> </p> 
<h2 class="wp-block-heading" id="election-odds-and-what-they-mean-for-bitcoins-future">Election odds and what they mean for Bitcoin’s future</h2> 
<p>With the U.S. presidential election just days away, the crypto community is assessing the potential impact of each candidate’s victory on Bitcoin.</p> 
<p>According to Polymarket, a popular prediction platform, Republican <a rel="" href="https://crypto.news/tag/donald-trump/">Donald Trump</a> <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1730126024049" target="_blank" rel="nofollow">leads</a> with a 66.1% chance of winning, backed by $720.9 million in bets, while Democrat <a rel="" href="https://crypto.news/tag/kamala-harris/">Kamala Harris</a> has a 33.9% chance, with $456.1 million wagered on her victory.&nbsp;</p> 
<p>Similarly, Kalshi’s <a href="https://kalshi.com/" target="_blank" rel="nofollow">data</a> places Trump’s odds at 62% and Harris’s at 38%.</p> 
<p>However, polling data from the New York Times <a href="https://www.nytimes.com/interactive/2024/us/elections/polls-president.html" target="_blank" rel="nofollow">offers</a> a contrasting view: Harris holds a narrow national lead with 49% support compared to Trump’s 48%, marking her slimmest lead since August, according to Nate Cohn, the Times’ chief political analyst.</p> 
<p>The race remains exceptionally close, with seven swing states likely to tip the balance. Even slight polling shifts could see either candidate sweeping these battlegrounds, making the final result uncertain.</p> 
<p>Trump’s crypto-friendly promises, including his pledge to be a “crypto president,” have fueled hopes for favorable policies that might encourage Bitcoin investments.&nbsp;</p> 
<p>In contrast, a Harris win may introduce volatility due to her more cautious stance on digital assets, leaving investors uncertain about the regulatory landscape.</p> 
<p>As both outcomes remain <a rel="" href="https://crypto.news/is-trump-just-using-crypto-voters/">possible</a>, the market seems poised for short-term reactions once the winner is announced.</p> 
<h2 class="wp-block-heading" id="crypto-and-macro-perspective">Crypto and macro perspective</h2> 
<p>With Bitcoin positioned strongly near $69,000, market watchers are buzzing about its future trajectory, especially with macro events on the horizon.</p> 
<p>Crypto analyst Michaël van de Poppe has highlighted that Bitcoin’s current trading range has held steady for the longest period since 2016 and 2020. He sees this eight-month consolidation as the calm before the storm.</p> 
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   <p lang="en" dir="ltr">The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> range has been staying in place for eight months.<br><br>The longest consolidation period since 2016 &amp; 2020. <br><br>I think we’ll break out in the next 2 weeks &amp; see <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> at $90,000-100,000 around NYE.</p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1850572724436963700?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 27, 2024</a>
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<p>According to van de Poppe, a breakout could push Bitcoin to new highs, with a potential price of $90,000 to $100,000 by the end of the year if momentum holds.</p> 
<p>One major pattern that has analysts excited is Bitcoin’s “Cup &amp; Handle” formation, which has been forming over the past 3.5 years.&nbsp;</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> <br><br>That's what you want to see.<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BTC</a> successfully closed yesterday's weekly close above the handle low.<br><br>This Cup &amp; Handle is 3.5 years in the making!<br><br>US elections next week. Somehow it all fits together perfectly.👀🔥<br><br>Probably nothing. <a rel="nofollow" href="https://t.co/jcXddRL76N" target="_blank">pic.twitter.com/jcXddRL76N</a></p>— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) <a href="https://twitter.com/el_crypto_prof/status/1850836845581512803?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 28, 2024</a>
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<p>Titan of Crypto considers this pattern a bullish indicator, suggesting that Bitcoin could rally to a target of $110,000. He described this setup as signaling a “big move ahead.”</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> Cup &amp; Handle Target: $110,000 🎯<a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#BTC</a> is currently retesting the handle of the cup. <br>Big move ahead! 🚀 <a rel="nofollow" href="https://t.co/rqYRGkuIBD" target="_blank">pic.twitter.com/rqYRGkuIBD</a></p>— Titan of Crypto (@Washigorira) <a href="https://twitter.com/Washigorira/status/1850192298975338824?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 26, 2024</a>
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<p>Beyond technical patterns and price targets, the macroeconomic backdrop could be a key driver of Bitcoin’s direction.&nbsp;</p> 
<p>Van de Poppe suggests that this cycle may deviate from the usual 4-year market rhythm. With interest rates falling and governments increasing liquidity—China being a prime example—he argues that Bitcoin’s growth potential might extend longer than expected.</p> 
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   <p lang="en" dir="ltr">This 'Uptober' and the previous 'Rektember' have shown that this cycle is more complex and different than the previous cycles.<br><br>I think that this is the cycle we'll get rid of the 4-year cycles. <br><br>It's all depending on liquidity and interest rates.<br><br>If those keep falling and…</p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1850494447466828261?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 27, 2024</a>
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<p>He adds, “If those [rates] keep falling and governments continue to print money,” Bitcoin’s peak might not arrive until 2026.</p> 
<p>However, the bullish sentiment comes with necessary warnings.&nbsp;</p> 
<p>Bitcoin analyst Ali notes that for an upward rally to materialize, Bitcoin must maintain its support level at $65,000. If it does, he predicts a potential rise to $72,000, followed by a brief pullback before another rally toward $78,000.</p> 
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   <p lang="en" dir="ltr">If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> holds above $65,000, I'm looking for a move up to $72,000, a pullback to $69,000, and then a rally toward $78,000. Send it! <a rel="nofollow" href="https://t.co/IiklFp4955" target="_blank">pic.twitter.com/IiklFp4955</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1850271549938651464?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 26, 2024</a>
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<p>In short, while market indicators and the macro landscape support a bullish case, the potential for volatility—especially with the U.S. election and upcoming Fed decisions—shouldn’t be underestimated.</p> 
<p>A word of caution remains: though the market leans bullish, Bitcoin’s path is never without surprises. Trade wisely, and never invest more than you can afford to lose.</p> 
<p> Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. </p>

BTC dominance nears 60% — Will November’s rate cuts and election push Bitcoin past $100K?

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