Crypto update - Oct 9, 2024 (Patreon)

Crypto prices bounced from the lows of last month with little fundamental development in recent days. Scenario analysis have improved since Harris has came out and openly declared support for crypto recently (article). So even if she wins, it probably won't be negative for crypto.

Trump-Harris is still neck and neck

The race is still neck to neck with Trump having made some gains in recent days. As a reminder, a Trump win is a undebatable positive event for crypto. This was reinforced by his recent full endorsement of the World Liberty Financial token (article)

ETF flows have turned back to positive inflows after a period of concentrated outflows back in Sep

Market

Bitcoin on weekly chart: I'm still waiting for this 2 year set up to finish. Usually the longer the setup, the stronger the breakout.

Switching to daily candlesticks, BTC is in midst of a descending triangle. It would be negative if it breaks below the blue support zone ~53000

Some interesting developments

US40bn market cap levered play on BTC, MicroStrategy $MSTR, breaking out to new high despite BTC still significantly below March highs. Other crypto proxies (e.g. MARA, COIN) are not showing similar strength.

BNB trading firmer than Bitcoin. I would keep an eye on this

Disclaimer: The content of this post is solely for entertainment and not investment advice. Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions