[2020-10-30] US macro events unlikely to fully derail Bitcoin price gains

[Karartma1]

As the U.S. stock market enters earnings season, analysts explain how Bitcoin could perform after earnings and the presidential election.
A drop to $12,000 is unlikely, as the “upside momentum” of Bitcoin is simply too strong, with fundamentals backing it up. Bitcoin has seen unexpected price swings in the past, especially during bull markets. Volumes, open interest and overall trading activity increase, raising the probability for short-term volatility spikes.

Read more @ https://cointelegraph.com/news/back-on-track-us-macro-events-unlikely-to-fully-derail-bitcoin-price-gains

Edit: corrected a typo thanks to buwaytress

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[buwaytress]

Wait. So Bitcoin fundamentals are strong, and upside momentum is strong, yet it's likely to give way to $12k?

Not sure I'm following. I mean, I actually agree we'll get to that number en route to end of 2020, if the Orange manages to lose. Stimulus from Trump would have taken stocks way higher, but the blue regime back in power might dampen some party moods temporarily. But if upside momentum is as strong as it's being said, none of this should matter.

$14k again tomorrow methinks. And then we see what happens on Tuesday onwards when the polls open.

[Karartma1]

Wait. So Bitcoin fundamentals are strong, and upside momentum is strong, yet it's likely to give way to $12k?

Not sure I'm following. I mean, I actually agree we'll get to that number en route to end of 2020, if the Orange manages to lose. Stimulus from Trump would have taken stocks way higher, but the blue regime back in power might dampen some party moods temporarily. But if upside momentum is as strong as it's being said, none of this should matter.

$14k again tomorrow methinks. And then we see what happens on Tuesday onwards when the polls open.

Thanks for pointing that out, it was actually my mistake! A drop is unlikely! I was refering to Guy Hirsch (managing director of the U.S. region at trading platform eToro) words. 

[bbc.reporter]

@Karartma1. You believe in the words of a CEO of a website that encourages cryptocoin and equities gambling? I reckon he would say anything optimistic to attract an audience and advertise eToro hehehe.

The American markets is still the mother of all liquidity. Once dumped and liquidity dries up, all markets around the world also dump. This has not changed since the great depression.

[Karartma1]

Hold on a minute: I don't believe in anybody's words  
I simply shared an article that I found interesting. Of course, everyone would try to frame things the best way they work for them.
In this case, I agree that a drop is unlikely even though my biggest concern is about volumes that are too low.

[bbc.reporter]

@Karartma1. I was only teasing you hehehe. I was looking for reactions from the other readers, however hehe.

Do not underestimate the influence of the American equities markets on all the global markets including the cryptospace. I speculate that when liquidity dries up everything will fall into a bear market.