The post Will November’s Rate Cuts and Election Push BTC Past $100K? appeared on BitcoinEthereumNews.com.

Will Bitcoin’s near-60% dominance surge translate into a breakout above $100K with the help of November’s market-shaping events, or will unexpected factors derail BTC’s upward journey? BTC dominance holds strong amid market shifts As autumn peaks, Bitcoin’s (BTC) market dominance—the percentage of the total crypto market cap it holds—is creating an intriguing scenario. Currently, at around 59.7%, a level last reached in April 2021, it appears set to cross the 60% threshold. BTC dominance chart (2021-now) | Source: TradingView As of Oct. 28, Bitcoin’s price has risen by nearly 2.5% in the past 24 hours, pushing it to around $69,000. Now, it’s inching closer to the $70,000 milestone — a “psychological resistance” level that could shape market sentiment. BTC 6-month price chart | Source: TradingView This rise in Bitcoin’s dominance supports the idea that we’re in a “Bitcoin Season.” The Altcoin Season Index, which currently sits at a low of 25, shows that only 25% of the top 100 non-stablecoins have outperformed Bitcoin in the last three months. On this scale of 1 to 100, a score of 25 or below signals Bitcoin Season. What’s particularly interesting is that this surge in Bitcoin’s dominance aligns with some major upcoming events. First, the U.S. presidential election on Nov. 5 could be monumental for crypto. Furthermore, just two days after the election, the Federal Reserve will meet for its next policy review on Nov. 7. Speculators using the CME FedWatch Tool are almost certain of a 25 basis point rate cut, with a 97% probability. With Bitcoin’s dominance pushing toward 60% and these key catalysts on the horizon, let’s explore the market’s current pulse and what experts forecast for Bitcoin and the broader crypto ecosystem. BTC ETFs closing in on major milestones With November’s calendar packed with market-shifting events, Bitcoin ETFs are…

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Filed under: News - @ October 28, 2024 7:17 pm