QCP: Bitcoin rebounds to 65k, market optimism returns to Uptober
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The QCP analysis points out that BTC rose from $62k to $65k, accompanied by $80 million in BTC and ETH long liquidations. It is worth noting that the current point in time is similar to the historical trend, with three weeks left until the US election. Reviewing the two US elections in 2016 and 2020, BTC started to rebound in the three weeks before the election, rising from $600 and $11k respectively. Although this year's Uptober performance was flat, with only a 1.2% increase (lower than the historical average of 21%), today's rebound has brought hope to the market, and investors are looking forward to a further strengthening of BTC in the fourth quarter.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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