Technical analysis by kofc about Symbol BTC: Buy recommendation (10/15/2024)

The impact of the US elections on the world economy is a fact that is accepted by everyone. The results of the US presidential elections to be held on November 5th this year in particular will play a decisive role in the markets. Trump's re-election could be a significant turning point, especially for financial markets. In such a scenario, a liquidity flow to the markets could positively affect assets such as Bitcoin in particular. In this context, the potential for BTC to rise above the $73,000 level is quite strong. From a technical perspective, it seems likely that a new upward wave will begin in the market. The first stage of this rise may be shaped by a formation called the "leading diagonal". If the price makes a downward correction when this formation is completed, an upward movement can be expected again from the 0.618 or 0.786 Fibonacci retracement levels. These levels will serve as important support zones for the price to regain strength and climb upward. In summary, the potential liquidity that the US elections will bring to the markets and indicators in technical analysis strengthen the possibility of Bitcoin exceeding the $73,000 level in the coming period. During this process, it is important for investors to carefully focus on technical levels and macroeconomic developments.