As the leading cryptocurrency Bitcoin (BTC) oscillates between $64,000-$63,000, it may be just a stone’s throw away from a new ATH.
Bitget chief research analyst Ryan Lee stated that if history repeats itself, Bitcoin could test the new ATH in about a month, from the third week of October to November.
Stating that the data points to an increase in Bitcoin, Lee added that there may be fluctuations in the price.
Lee stated that although Bitcoin has started to rise, there may be occasional corrections, and the intensity of these corrections and sales may change depending on the US elections.
“If history repeats itself, Bitcoin is likely to retest its all-time high above $73,750 during the third week of October into November.
However, this rising wave will occasionally be accompanied by corrections that will be reflected as a selling wave.
The intensity and extent of these corrections will depend on the US elections, as investors may be hesitant to sell in anticipation of a bullish rally if they are more confident that a pro-Bitcoin president will be elected.
Lee stated that optimism among investors increased after the FED lowered interest rates by 50 basis points and the People's Bank of China by 30 basis points, and that risky assets such as Bitcoin became more attractive after these moves.
*This is not investment advice.