Crypto Analyst Predicts Bitcoin's Path to New All-Time Highs Amid Market Volatility

A prominent cryptocurrency analyst has expressed optimism about Bitcoin's (BTC) potential to reach new all-time highs (ATHs) following a recent price correction. In a strategy session on the TechnicalRoundup YouTube channel, the pseudonymous analyst known as DonAlt shared insights on Bitcoin's current market position, emphasizing that despite a dip into the $69,000 range, he remains bullish on the leading cryptocurrency.

"The weekly outlook is strong, and the daily indicators are also looking excellent. We are currently facing resistance, which has been tested multiple times—this marks the sixth test. That’s significant, and it’s not something I would want to overlook. I believe we are on the verge of a genuine all-time high breakout. Right now, I’m leaning towards a breakout scenario," DonAlt stated.

However, he cautioned that the upcoming US presidential election could introduce short-term volatility in the market. Many investors appear to be positioning themselves for a potential win by Republican candidate Donald Trump, who is perceived as more favorable towards cryptocurrency compared to his Democratic opponent, Kamala Harris.

"The main concern that makes this a somewhat risky trade is the impending US elections. The current sentiment around Bitcoin seems to be influenced by expectations of a Trump victory. Recent price movements suggest that the market is pricing in a Trump win, particularly among crypto enthusiasts. If Trump were to lose, there’s a strong possibility that Bitcoin could experience a short-term decline," he added.

Looking ahead, DonAlt believes that regardless of who wins the election, the long-term trajectory of Bitcoin's price will remain largely unaffected. "In the grand scheme, whether it’s Harris or Trump who takes office, I don’t foresee a significant impact on Bitcoin’s price trajectory. A year from now, the price would likely be similar regardless of the election outcome," he concluded.

As of now, Bitcoin is trading at $69,941, reflecting a 3.3% decrease in the past 24 hours. Investors are encouraged to stay informed about market developments as they unfold.

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