As expected, the bitcoin and cryptocurrency frenzy will come hours after the election of Republican Donald Trump. Cryptocurrencies have become an electoral issue, and Trump offers a friendlier political tone than his rival, Kamala Harris, who yesterday admitted Trump's victory. bitcoin rose 8% during the first hours of trading. btc/usd/” rel=”nofollow noopener” target=”_blank”>exceeding $75,000, better than his March record. This is just the beginning of a bitcoin price rise for many market analysts.
According to Ki Young Ju, CEO of CryptoQuant, the price of bitcoin can still rise in the short term, with up to 40% upside. Based on bitcoin's current price range, it is now part of the top 10 largest financial assets by market capitalization. However, Young Ju cautions holders to be realistic in the short term and recommends gradual selling as the “peak pain” subsides.
bitcoin hits a new ATH. Source:btc/usd/" rel="nofollow noopener" target="_blank"> Bitstamp
crypto Market Experiencing 'Easing Period', Preparing for Price Surge
Now that the election fever has died down, analysts and market observers are focusing on the cyclical nature of bitcoin and cryptocurrencies. According to Ki Young Ju, the behavior of btc holders often coincides with the cyclical nature of the asset. He shared that new holders frequently suffer price declines during bearish months, only to find these assets changing hands two years after the “peak pain” has subsided.
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New investors usually have twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$btc
After about two years, change hands when the pain subsides. That moment is now.
It could rise 30% to 40% from here, but not like the +368% we saw from $16,000. It's time to consider gradual selling, not outright buying, in my opinion. pic.twitter.com/hXRT6YBsxS
– Ki Young Ju (@ki_young_ju) twitter.com/ki_young_ju/status/1854088577694761331?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>November 6, 2024
In a twitter/x post, Ju added that the “changing hands and easing the pain” of assets is happening now. From here, the CEO projects that the price will increase by 30 or even 40%. However, he warned holders that the current market differs from when btc jumped 368% and was trading at $16,000. For Ju, the best strategy is to sell the asset gradually and never adopt a full buy strategy.
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BTCUSD trading at $78,077 on the daily chart: TradingView.com
bitcoin Technicals Tell a Short-Term Bullish Story
Cryptocurrency holders and investors can also use bitcoin. technical data for more information. According to TradingView data, btc price is approaching the upper Bollinger band, indicating bullish momentum. But when these bands expand, holders and traders can expect greater volatility.
Furthermore, the asset's Relative Strength Index (RSI) is 63, suggesting bullish momentum. bitcoin's RSI fell to 56% three days before the US election, representing a balanced market. A neutral RSI score means that the price action is stable, with no significant drops, rises, or periods of consolidation. But two days after the election, it is now up to 63, indicating bullish but not yet overbought sentiment.
Betting Platforms Benefit From Positive Price Action
In addition to holders and investors, betting platforms benefit from the recent bitcoin price action. For example, Solv Protocol, a leading btc staking platform, reached over $2 billion in total value locked (TVL). DeFiLlama reports that approximately 30,000 Bitcoins are staked in the Solv Protocol, an increase from the 16,340 tokens listed in mid-October. The increase in Solv Protocol activities on blockchains coincides with recent bitcoin price action.
Among the products available on Solv Protocol, SolvBTC is arguably the most popular, worth almost $1.11 billion. The increase in activities on Solv Protocol highlights the growing importance of staking to generate more returns in the face of erratic price action.
Featured image of DALL-E, TradingView chart
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