28/10/24 Weekly outlook
2024-10-28

Last weeks high: $69,526.58
Last weeks low: $65,268.55
Midpoint: $67,397.56

2021's ATH of $69,000 was once again broken last week, that makes it the 8th time this year BTC has broken through that level. Each and every time so far price has rejected off without price acceptance above it. 

We are now 7 days away from the US election, with Trump in the lead in the polls and Wall Street preparing for another Trump presidency I expect to see crypto start to push on after the 8 month chop. The plan for a Bitcoin strategic reserve and favourable law-making towards the crypto market is a positive.

We also have the FTX distribution in 2 weeks, that's $16B coming back into the market, perhaps not all of it will stay in crypto but even if a portion of that remains that will be a significant boost to buyside pressure. 

All in all BTC is in good shape currently, I would like to see acceptance above the all important $69,000 level by the end of the week setting us up well for the US election. Obviously what happens there is unknown until we get the result and typically fear can be negative for the markets so maybe we don't see acceptance this week but I am confident that the R:R at current price looks good with many signals showing growth is likely going into the end of Q4. 

