Bitcoin Recovers after Scare: Inflation Firm, Will A Trump Win Propel BTC To $97,000?

Bitcoin is steady at press time. Even with rising inflation in the United States, prices couldn’t tick higher considering its role as a store of value asset. At press time, sellers remain in charge and would require prices to not only close above $64,000 but the leg up must be decisive, preferably at the back of rising trading volume. As it is, buyers are hopeful, recovering after dropping below $60,000. However, how Bitcoin performs in the short to medium term depends on whether bulls maintain prices above the support at $60,000, a psychological level of importance—at least for now.

Traders are confident of what lies ahead. Now that the dump wasn’t as sharp as last week, Bitcoin stands a chance. All the same, how this week’s bar closes will likely shape the short to medium-term formation. Technically, BTC is stable amid decent trading volume at around $30 billion.

The following trending Bitcoin news developments are worth tracking:

• Bernstein, a wealth manager controlling over $37 billion worth of assets, thinks BTC can easily float to over $90,000 if Donald Trump wins. According to Polymarket, voters in the United States are placing their bets in support of the former president.
• Inflation in the United States rose to 2.4%, not the 2.3% expected. Risk-on assets like Bitcoin tend to perform better in an inflationary environment.

Bitcoin Price Analysis

BTC/USD is steady and recovering after yesterday’s scare.

The preview of this week remains unchanged.

Bulls still have a chance since prices are inside the $60,000 and $64,000 zone.

A close above $64,000, peeling back October 1 losses, is a massive endorsement for buyers.

However, if Bitcoin slips and $60,000 is broken again, the coin might extend losses, aligning with last week’s losses.

In that case, BTC can easily dump to $50,000.