Analysis: Bitcoin may face selling pressure after the US election, but will recover momentum in the medium term and hit a new high this year

Odaily Planet Daily Report Tyr Capital Chief Investment Officer Edouard Hindi said that the price of coin may soar before the US election on November 5, but regardless of who wins, there may be a sell-off in the days after the election results are announced. Hindi said: "In the days after the results are announced, profit-taking may put pressure on the price of coin, but buyers who buy on dips should maintain strong support below $60,000." He added that regardless of the election outcome, coin is likely to regain momentum in the medium term and set new highs in 2024. Research Chief Analyst Ryan Lee reiterated this view, emphasizing that as the American people prepare to go to the polls next Tuesday, coin will see a significant increase in the coming week, "there are several factors supporting the potential rise of coin, especially the expected rate cut by the Federal Reserve. The market is expected to cut rates by 25 basis points on November 7, lowering the rate to the range of 4.5% to 4.75%, reflecting the need for adjustments to stabilize economic growth," he stressed that the two-day gap between the US election and the Federal Reserve's interest rate decision may significantly impact the price of coin. ()