Bitcoin BTC/USD has surged to $68,770 in Monday morning trading, up 1.7% over the past 24 hours as Donald Trump’s chances of winning the 2024 election continue to rise.
What Happened: The apex crypto is up 4.8% over the past 30 days as traders are looking for the “Trump trade” to play out in light of the GOP’s increasing chances. It is only better by two other cryptocurrencies in the top 10: Solana SOL/USD, up 11.6% over the past 30 days and Dogecoin DOGE/USD, up 18.8% over the same timeframe.
Benjamin Cowen, CEO and founder of IntoCryptoVerse, highlighted on X how labor market data might shape the crypto king's near-term price action.
Cowen detailed two main scenarios for Bitcoin's price movement: either a cyclical rally toward $70,000 or a dip with a recovery slated for early 2025. Should Bitcoin breach the $70,000 level, he favors the cyclical forecast but a fallback to $64,000 would align more closely with monetary policy-driven delays in momentum until 2025.
He also emphasized that this week's labour market data release and next week's Federal Open Market Committee meeting and election results could impact BTC's short-term trend. This comes in the wake of Bitcoin's dominance approaching the critical 60% threshold—an indicator that could lead to considerable shifts across the market.
Why It Matters: Labor data for the week ending Oct. 19 showed a drop in initial jobless claims to 227,000, down 15,000 from the previous week but below the forecasted 242,000, marking the biggest weekly decline since August.
Minutes released from September’s Fed meeting have adjusted the odds of a November rate cut from 87% to 75%, with a 25% of no rate cut occurring in November.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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