Crypto Price Analysis 11-5 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, TONCOIN: TON, DOGWIFHAT: WIF, BITTENSOR: TAO, APTOS: APT

As a seasoned investor with over two decades of market experience under my belt, I find myself closely observing the recent trends in the cryptocurrency market. The past week has been particularly challenging for investors like me who have stakes in Worldwide Index Fund (WIF), Bittensor (TAO), and Aptos (APT).

Bitcoin (BTC) is down just over 1% in the past 24 hours, declining after briefly flirting with the $70,000 mark. The current week is crucial in dictating market dynamics, with the US elections and Fed meeting set to commence. If market sentiment turns positive, BTC could surge past $70,000 and potentially set a new all-time high this week. On the other hand, if market sentiment turns negative, we could see a substantial price decline. With the elections just hours away, the crypto market is on edge.

Most significant digital currencies such as Ethereum, Solana, Ripple, Toncoin, Avalanche, and Chainlink have experienced substantial drops as the cryptocurrency market prepares for election outcomes. However, Dogecoin has bucked trends and increased by more than 8% in the past day. The total market value of cryptocurrencies currently stands at approximately $2.23 trillion, marking a decrease of 1.11%.

Speaking about the current market sentiments, ChangeNOW CMO Pauline Shangett stated,

The current situation with Bitcoin seems to be one of patience. Reaching $70,000 indicates investor excitement, yet a hint of caution is noticeable. Any unforeseen outcomes from the upcoming elections or Federal Reserve meeting could ignite a major surge or sudden drop in the market. Crypto investors are tense, but they’re also ready to seize any opportunity presented by favorable market conditions.

A Lot At Stake For Crypto

In the closing moments before Election Day, Democratic candidate Kamala Harris and Republican candidate Donald Trump intensified their efforts with last-minute campaigns in pivotal swing states. As the clock ticked down to voting time, Harris held last-minute rallies in Scranton, Allentown, Pittsburgh, and Philadelphia. On the other hand, Trump centered his attention on the decisive states of North Carolina, Pennsylvania, and Michigan.

Experts predict that Bitcoin (BTC) will likely see significant fluctuations as the election process concludes, given its previous price dip from October 29 to November 3. Despite the recent struggles with its price, there’s an overall optimistic outlook in the market. A key topic in the election discourse has been cryptocurrency regulations, leading both candidates to express their views on crypto during their campaigns. Trump, in particular, has expressed support for cryptocurrencies and aims to establish the U.S. as a global leader in this digital asset sector.

On the other hand, Kamala Harris spoke about crypto during a Wall Street fundraiser, promising a safe business environment with consistent and transparent rules and regulations and support for emerging industries such as AI. Harris’s advisors have also held meetings with major crypto companies to discuss industry-friendly regulation, indicating a willingness to engage with stakeholders. Meanwhile, crypto whales are betting big on a Trump victory.

Analysts Predict Bitcoin’s Post-Election Price

According to analysts from Bernstein, the outcome of the presidential elections may cause significant fluctuations in Bitcoin prices. Specifically, Gautam Chhugani and his team anticipate that the crypto market, especially Bitcoin, could be affected, with potential price swings. If Donald Trump, a candidate perceived as pro-crypto, wins, Bitcoin’s value could soar to anywhere between $80,000 and $90,000 by December, breaking its previous record high from March.

If Kamala Harris wins the election, some experts predict Bitcoin (BTC) could dip down to around $50,000 – a level not revisited since the start of the year. However, Bernstein remains confident in their forecast that BTC will reach $200,000 by 2025, irrespective of the election outcome. Analyst Geoff Kendrick from Standard Chartered, on the other hand, anticipates BTC to close this year at approximately $75,000 if Kamala Harris wins and a whopping $125,000 if Donald Trump secures another term.

Mt. Gox Shifts $2.2B BTC To Unknown Wallets

Previously collapsed cryptocurrency exchange, Mt.Gox, is reported to have moved approximately $2.2 billion in Bitcoin (BTC) to unidentified digital wallets by data from Arkham Intelligence. Arkham’s findings suggest that Mt.Gox shifted these BTC from its offline storage (cold wallet) to two untraceable addresses in separate transactions. Approximately 30,300 BTC were transferred to one of the unknown wallets, while another 2,000 BTC was initially sent to Mt.Gox’s cold wallet before being moved again to a third, unidentified wallet.

Just a few days ago, it was revealed that the digital exchange shifted 500 Bitcoin, equivalent to around $35 million, into two unidentified digital wallets. This transaction has ignited much debate about the platform’s approach towards addressing its obligations to creditors.

Crypto Consortium Launches Global Stablecoin Network

A group made up of several cryptocurrency firms such as Kraken, Robinhood, and Galaxy Digital unveiled a new digital currency tied to the US Dollar, known as USDG. This newly established network called the Global Dollar Network aims at increasing the utilization and acceptance of stablecoins while offering benefits to its investors. The foundation for this network is built on the USDG coin, which will be issued by Paxos and managed by a council consisting of representatives from collaborating partners like Anchorage Digital, Bullish, and Nuvei. As reported by Paxos CEO Charles Cascarilla, …

The Global Dollar Network invites everyone to participate and reap returns on their investment, with the aim of promoting worldwide use of stablecoins and boosting society’s acceptance of this technological innovation.

Bitcoin (BTC) Price Analysis

In summary, Bitcoin (BTC) might show increased volatility leading up to the election results. However, by examining past trends, we can predict that BTC’s price often rises following elections since 2009. Interestingly, the election-day price has never been revisited in history, with peaks usually occurring within a year. Analysts foresee a long-term rally if the election outcome generates sustained interest. Furthermore, the release of jobless claims data on November 7 may influence BTC’s price. If these numbers rise, indicating a weakening labor market and potential decrease in consumer spending and traditional asset investment, Bitcoin might become more attractive as a hedge against economic instability for investors.

At upcoming Federal Open Market Committee (FOMC) meetings, events could potentially influence Bitcoin (BTC). During the last FOMC gathering, the Federal Reserve lowered interest rates by 0.5% due to cooling inflation at a rate of 2.4%, moving towards its goal of 2%. Yet, joblessness figures have been increasing, which may lead to problems in the labor market. Financial analysts predict another interest rate reduction of 0.25%. A reduction in rates could be positive for BTC as it diminishes the allure of conventional investments.

Due to a drop in prices, numerous liquidations occurred, amounting to approximately $193 million across long and short positions. Approximately $101 million in long positions and $91 million in short positions were affected. Bitcoin was the most affected by these liquidations, with around $52 million in total ($21.05 million in long positions and $30 million in short). For the first time in November, Spot Bitcoin ETFs experienced an outflow following substantial inflows in October. On October 29 and 30 alone, ETFs saw inflows of $827 million and $896 million respectively.

Looking at the Bitcoin price graph, it’s clear that BTC has been unable to maintain its momentum following a peak of $73,512 last Tuesday, hinting at a potential new record high. However, the price trend shifted bearish on Wednesday due to heavy selling activity, causing a minor dip to $72,358. The bearish trend grew stronger on Thursday as BTC fell nearly 3% to $70,307. Buyers made an effort to reverse the downward spiral on Friday, trying to keep the price above $70,000. This led to a temporary high of $71,632 for BTC, but the momentum soon waned, giving sellers control and pushing BTC below $70,000 to $69,562. On Saturday, BTC experienced a slight uptick, but the overall bearish sentiment limited significant price fluctuations.

On Sunday, Bitcoin (BTC) saw an increase in volatility as both buyers and sellers fought for dominance, but eventually, sellers emerged victorious. BTC fell by 0.97% to $68,907. The new week started with BTC dipping below the 20-day Simple Moving Average (SMA) after a decline of 1.49%, settling at $67,882. However, the price has since rebounded during the current trading session due to robust support at $68,000. As of now, BTC is up by 1.31% and hovering around $68,800 as buyers aim to push it back above $69,000. Analysts predict that Bitcoin could make substantial moves post-election, potentially reaching $75,000-$80,000 if Trump wins the election, with even more optimistic forecasts pointing towards $100,000. Conversely, the price might drop to $50,000 should Harris win the election.

Ethereum (ETH) Price Analysis

After briefly dipping below its support level of $2,400, Ethereum (ETH) is trying to regain momentum and move back above the $2,500 mark. The cryptocurrency had started the previous week on a positive note but faced intense volatility as it neared the $2,700 threshold. It reached an intraday high of $2,722 before losing steam and falling below $2,700 to close at $2,659. On Thursday, sellers re-entered the market due to increased bearish sentiment, causing ETH to drop by more than 5% and dip below its 20 and 50-day moving averages, ending the day at $2,516. The following day saw a surge in volatility as both buyers and sellers vied for control. Buyers tried to regain the upper hand and pushed ETH back above $2,600, while sellers sought to drive it below $2,500. However, Ethereum registered only a minor decline and finished at $2,512.

On Saturday, ETH dipped below $2,500, marking a 0.79% decrease and ending the day at $2,492. Pessimism grew stronger on Sunday as ETH plummeted to an intraday low of $2,410. Nevertheless, it regained some ground and closed at $2,456, representing a 1.43% decline. Buyers attempted a comeback on Monday, pushing ETH up to $2,490 before slipping again, falling to $2,397 after a 2.41% drop. Currently, ETH is recovering from its support level and has risen nearly 2%, trading at $2,442. Buyers aim to regain momentum and push ETH back above $2,500 if market conditions are favorable. However, if sellers take control, ETH might retreat to $2,400. A breakthrough of this level could lead ETH to drop as low as $2,300.

Solana (SOL) Price Analysis

On Monday, Solana (SOL) surpassed the $160 mark again after dipping to a daily low of $155 earlier. Since Wednesday, SOL has been experiencing a downtrend following its inability to maintain levels above $180. The selling pressure at $180 was substantial, causing a 2.44% drop on Wednesday and a closing price of $174. This bearish trend strengthened on Thursday as SOL declined by 3.67%, falling below the $170 mark to settle at $168. Attempts at recovery were made on Friday, with SOL reaching an intraday high of $166; however, this momentum was lost, giving way for sellers to push it down by 1.45% to close at $166.

Over the weekend, I noticed a substantial surge in market turbulence as sellers aimed to force the price of SOL below its 20-day Simple Moving Average (SMA), while buyers strove to counteract the selling wave. However, neither side managed to gain a clear advantage, and SOL held steady at $166 throughout the period. On Sunday, sellers managed to seize control and drove SOL down to an intraday low of $157. But SOL bounced back from that point and surpassed $160, ending the day at $162. The selling pressure escalated on Monday as SOL dipped below $160 after a nearly 3% drop, settling at $157. However, the current trading session has seen a robust recovery, with SOL once again above $160 following a 2.53% increase and currently trading around $162. The hope now is that buyers can maintain control and push SOL back towards $170. If SOL manages to break above this level, it could challenge the resistance at $180 once more.

Toncoin (TON) Price Analysis

Toncoin (TON) is moving downward with difficulty in surpassing the $5 mark and the 20-day Simple Moving Average (SMA). It’s experiencing high volatility as traders are blocking attempts to break through resistance points. The 20-day SMA is serving as a barrier, making it harder for TON to rise. Negative sentiment dominates, demonstrated by TON forming lower highs. Last week, TON tried to surpass the 20-day SMA but failed due to heavy selling pressure above $5. As selling activity intensifies, TON has dropped more than 4%, falling below $5 and currently trading at $4.85.

On Friday, there was a slight uptick for TON, reaching $4.89. Over the weekend, market volatility resurfaced as both buyers and sellers fought for dominance. TON reached an intraday high of $5.08 on Saturday but failed to surpass its 20-day Simple Moving Average (SMA). As a result, momentum slowed, and it settled at $4.91. On Sunday, the price dipped to an intraday low of $4.67 as sellers tried to push TON down towards $4.50. However, the price recovered from this level and experienced a slight increase. By Monday, bearish sentiments intensified following another unsuccessful attempt to surpass the 20-day SMA. The price chart shows that TON reached an intraday high of $5.10 but then lost momentum, allowing sellers to regain control and drive the price down nearly 4% to $4.73.

In this ongoing session, buyers have made another effort to regain momentum, but their progress has been halted yet again. At the moment, TON is experiencing a drop of nearly 3%, with its price hovering around $4.60.

Dogwifhat (WIF) Price Analysis

Dogwifhat (WIF) aims to recover from a significant downtrend that caused it to dip beneath crucial support points and fall below its 20, 50, and 200-day Simple Moving Averages (SMAs). The recent slide for WIF started midweek when it failed to maintain an upward trajectory above the 20-day SMA on Tuesday, despite reaching a peak of $2.69 intra-day. The price trended bearish on Wednesday, dropping by 1.27% to $2.57, still hovering slightly above the 20-day SMA. Negative sentiment intensified considerably on Thursday as WIF plummeted nearly 8%, dipping below the 20-day SMA and closing at $2.38. The bearish trend continued on Friday as WIF dropped another 7.9% and fell beneath both the 50 and 200-day SMAs, settling at $2.19. In simpler terms, WIF is trying to recover from a prolonged drop in price that took it below critical support levels and average price trends.

On Saturday, WIF experienced a decrease in selling pressure, falling 0.99% to $2.17. Yet, sellers regained control on Sunday, causing WIF to drop below $2 to reach an intraday low of $1.96 before rebounding to end the day at $2.07 after a decline of 4.69%. The following Monday saw WIF plummet over 7% and close at $1.92. However, during the current trading session, it has rallied more than 7%, currently trading at $2.05. Potential buyers aim to maintain momentum and keep WIF above the $2 mark. If sellers manage to push WIF below this level, it might slide down to $1.60.

Bittensor (TAO) Price Analysis

Since dipping under its 50-day Simple Moving Average (SMA) on Wednesday, Bittensor’s Token (TAO) has been experiencing a downtrend, with sellers holding the upper hand in the market. The price chart shows that TAO dipped below both the 50-day SMA and $500 mark on Wednesday following a decline of more than 5%, closing at $493. The selling pressure persisted on Thursday, causing TAO to decrease by 1.99% to $484, and further dropping to $462 on Friday after a 4.41% fall. Over the weekend, TAO continued its bearish trend, dropping 5.40% on Saturday to reach $437. On Sunday, sellers aimed to push TAO below $400, causing it to hit an intraday low of $407.

Initially, TAO dipped to $418 this week due to a bearish outlook, but it’s since rebounded during the current session. Now, TAO stands at $432, showing an increase of 3.24%. Despite the initial negative sentiment, the recovery is evident.

Aptos (APT) Price Analysis

In simpler terms, Aptos (APT) is attempting to regain its footing and climb above crucial thresholds during the current trading period, aiming to counteract heavy selling activity. The recent downward trend for APT began on Wednesday when it failed to surpass $10, prompting sellers to gain control and drive the price down by 1.84% to $9.84. This selling pressure grew stronger on Thursday as APT dipped below its 20-day Simple Moving Average (SMA) and ended the day at $9.08 after a drop of nearly 8%. On Friday, APT continued to fall, dropping 1.57% and settling at $8.94, going under the $9 mark.

Over the weekend, there was a rise in pessimistic opinions about APT, which dipped beneath its 50-day Simple Moving Average (SMA) after dropping approximately 4%. The stock closed at $8.61. On Sunday, selling pressure intensified and APT plummeted nearly 5% to a low of $7.84 before recovering slightly and rising above $8 to end the day at $8.19. The new week started with heightened volatility due to sellers aiming to drive APT below $8, causing it to drop to an intraday low of $7.73 before rebounding and surging back over $8 to close at $8.06. Currently, the session shows APT increasing by nearly 2%, as buyers attempt to counteract the current bearish trend and push toward $9.

2024-11-05 16:03