Bitcoin is trading around $63,840, testing the 38.2% Fibonacci level as October kicks off. The cryptocurrency market appears poised for increased volatility, with potential for an uptrend if key resistance levels are broken.
A move above $64,150 could signal renewed bullish momentum, while support at $62,980 is crucial to maintain current gains.
This is because neither political party has addressed the growing debt and deficits in the United States, making Bitcoin more appealing as a hedge.
According to CK Zheng, a hedge fund manager at ZX Squared Capital, Bitcoin is expected to rise in the fourth quarter of 2024, regardless of the outcome of the U.S. presidential election.
Bitcoin’s Q4 Surge Unaffected by US Election, Says Hedge Fund