04/11/24 Weekly outlook
2024-11-04

Last weeks high: $73,633.97
Last weeks low: $67,477.38
Midpoint: $70,555.67

ELECTION WEEK IS HERE! This is the one we've all been waiting for and probably been nervous about. On the 5th November the US election takes place, now we might not know for certain who has won on that day but we should have a good idea barring no funny business. At time of writing, Trump leads the betting market polls 57.7% : 42.3% which is down significantly from last weeks high of 67%. A lot can happen between now and tomorrow but for BTC and crypto in general a Trump win should be favourable to the markets, a Harris win might delay cryptos progress IMO. 

If the US election wasn't enough for one week FOMC takes place a couple of days later. With a forecasted cut of 25bps coming taking the interest rate from 5.00% to 4.75%. The last FOMC saw a 50bps cut so the FED is rapidly moving to a more risk on environment which should be pro crypto, however I do think the election result will dwarf this FOMC in importance as the 25bps cut has been known about for awhile and most likely priced in. 

Obviously the election is the main focus of this week, a number of projects have token unlocks this week too:

Larger % circ. supply:
NEON,BANANA,ADA,XAI,BGB,AGI

Smaller % Cir. supply:
SOL,WLD,TIA,TAO,AVAX,DOGE,SEI,NEAR,DOT,SUI&FIL 

The altcoin market is still at the mercy of BTC and BTC is at the mercy of this election currently so we'll have a better picture of what the future may look like by the end of the week. 