Bitcoin Approaching $60,000, Analysts Expect BTC To Reach $125,000 If Trump Wins

Bitcoin is firm when writing and trending at early September 2024 zone. That the world’s most valuable coin is at around the $58,000 zone is bullish. So far, buyers have reversed September 6 and 7 losses and appear firm. Technically, the trend is beginning to shift. Even so, the coin is within a neutral zone, and for the uptrend to take shape, a spike above $60,000 will be critical. If not, losses reversing recent gains from early this week, will question the commitment of buyers, slowing down the uptrend.

Buyers are back, considering the series of higher highs of the past four days. The rejection of bears means the coin is stable in the past day and 3% in the previous week. Notably, engagement is also improving, rising to $30 billion. Now that there is a rejection of lower prices and bulls are back, there could be a reason to closely monitor how BTC performs today.

Traders are closely watching the following trending Bitcoin news:

• According to Standard Chartered analysts, Bitcoin will edge higher regardless of who wins the United States presidential seat. A Donald Trump win will, nonetheless, be more favorable for the broader crypto scene, lifting BTC to as high as $125,000 by the end of the year.
• The crypto trading exchange, eToro, has agreed to settle with the United States SEC. As a result, they will pay a $1.5 million penalty following the regulator’s claim that they were operating an unregistered broker and a clearing agency.

Bitcoin Price Analysis

BTC/USD is back to green at spot rates.

Of importance, looking at the formation in the daily chart is the expansion of the world’s most valuable coin to around the $58,000 region.

As bulls build momentum, traders can wait for a clean break above $60,000 before committing. If this leg up has a decent trading volume, there will be a high likelihood of Bitcoin rallying and providing entries.

In that event, every low may see aggressive traders load up, targeting $66,000.

A dump reversing gains from yesterday and pushing prices below $56,500 would puncture the uptrend.