The 2024 U.S. presidential election took place on November 5 local time, with eligible voters in 51 electoral districts casting their votes through the Electoral College system. Ultimately, Trump has secured victory in this election with over 270 electoral votes.
Previously, Trump promised at the Bitcoin 2024 conference that if elected, Bitcoin and cryptocurrencies would soar in unprecedented ways. In terms of cryptocurrency market performance, BTC has indeed reached a historic high, with prices exceeding $75,000 and a 24-hour increase of about 10%. Altcoins have also experienced a long-awaited surge.
Chu Yuechen: November 6 Bitcoin and ETH Market Analysis and Trading Reference
Yesterday, we discussed that from a macro trend and historical data perspective, regardless of who is elected as U.S. president, Bitcoin is expected to rise. Now that we know the result, Trump's successful election has made the price increase of Bitcoin more direct.
Historically, after each election, risk markets tend to continue rising for about three months, and this time should be no exception, especially with the "presidential" promises made. Therefore, I believe there may be some short-term fluctuations, but Trump's election will lead to better expectations.
First, we need to understand why Bitcoin prices rise when Trump's chances of winning increase.
This is because Trump promised many favorable policies for cryptocurrencies while campaigning, aligning himself with crypto users. Thus, the market believes that Trump's election will bring new support to the crypto market, driving up coin prices.
Currently, the market's optimism regarding Trump's presidency is primarily emotional, and from the perspective of his winning probability, the market has already priced in Trump's victory.
Today, the price first rose above $75,000 and then experienced a significant pullback, with the low point around $72,600, a nearly 3,000-point drop, indicating that some long positions were taking profits. As more bulls continue to enter the market, the current Bitcoin price has reached around $74,100.
From a technical perspective, there is not much to analyze; this week's market is driven by sentiment. With Trump's election, confidence in the crypto market has increased, and market sentiment is being released. Additionally, the Federal Reserve's interest rate decision will be announced at 3 AM on Friday. With the ongoing interest rate cuts, the Federal Reserve's monetary policy has shifted from tightening to easing.
These developments are expected to occur in Q4 2024 and Q1 2025, and the monetary policy itself is a continuous process. An easing monetary policy will enhance investors' risk appetite, significantly aiding liquidity in the market.
Therefore, as we mentioned in yesterday's article, regardless of who is elected, historical experience and long-term perspectives indicate that Bitcoin will rise.
In terms of contracts, continue to enter long positions around the current price of $74,100, with a stop loss at $73,500 and a target of $76,000.
For ETH, enter long positions around $2,620, with a stop loss at $2,560 and a target of $2,720.
Specific Operation Suggestions (based on actual market prices)
Continue to enter long positions around the current price of $74,100, with a stop loss at $73,500 and a target of $76,000.
Enter long positions around $2,620 for ETH, with a stop loss at $2,560 and a target of $2,720.
Market conditions change in real-time, and there may be delays in article publication. The strategy points are for reference only and should not be used as the basis for entry. Investment carries risks, and profits and losses are the investor's responsibility. For daily real-time market analysis, as well as experience exchange groups and practical trading groups, feel free to seek real-time guidance. Live explanations of real-time market conditions will be held at irregular times in the evening.
For more real-time market analysis, please follow the public account: Chu Yuechen.
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