Good evening to all my friends. I hope you all are doing well. I am having a fantastic. Long holidays i got from office. Let's talk about crypto market. Guys, new month has started, and as usual, we've seen a market dip in the first week, a trend that's been happening for the last seven months. Every month, some negative news seems to emerge, causing the market to decline. In the last 24 hours, we've seen another piece of bad news impacting the market. Looking back at October, we saw a similar situation where the market reacted negatively to news. In September, there were investigations by the FIA, and in August, Japan raised interest rates, both causing market reactions. Now, with just four days left until the US elections on November 5, this event is expected to be a catalyst for financial markets, particularly in crypto. If Trump wins, we might see a celebration in the crypto market.
Historically, during US elections—specifically in 2012, 2016, and 2020—Bitcoin often experiences a correction before the elections, followed by a significant rise post-election. Currently, we're witnessing a similar trend, with Bitcoin experiencing a 6-7% correction recently. Despite market fluctuations, Bitcoin remains in an upward trend, with higher highs and higher lows being formed. It’s crucial to remember that while dips occur, the market generally recovers. Bitcoin needs to break and sustain above its previous all-time high of around $74,000 for altcoins to gain momentum. In the monthly timeframe, Bitcoin has reclaimed its support area, and we’re observing a bullish crossover in the Stochastic RSI. Historically, after such crossovers, Bitcoin has seen significant rallies. Overall, despite the current corrections, Bitcoin remains positioned within an upward trend. Overall market is looking positive. Don't lose your hope. That's it for today. Here's the latest update video of crypto market. Thanks & have a good day!!
@abfarhan