Reku Analyst: Bitcoin Ready To Set Highest Record Ahead Of US Elections

JAKARTA - The crypto market experienced various movements towards the end of October 2024. Bitcoin, which had reached 69,200 US dollars (Rp1.07 billion), corrected to US$65,400 (Rp1.01 billion).

Meanwhile, Ethereum also experienced a decline from US$2,740 or equivalent to Rp42.6 million, to US$2,470 or equivalent to Rp38.4 million.

According to analysts from Reku, Fahmi Almuttaqin, the dynamics that occur in risky investment instruments such as US stocks and crypto assets show investor caution ahead of the US elections and Federal Reserve meetings.

Investors may have started asset accumulation measures that can be seen, such as from the trend of Bitcoin spot ETF instruments in the past two weeks, but to make the next big step that has the potential to have a significant impact on the market, the majority of investors may still be looking forward to the results of the US elections," he said.

Nevertheless, Bitcoin shows solid performance with a hashrate of 700 EH/s, the highest record in history. In addition, the low Puell Multiple indicator, which is 0.9, shows a strong price increase potential.

The results of the US election are expected to affect the market direction, where new government policies can have an impact on assets such as the XRP or DOGE cryptocurrencies, depending on the winner.

Optimism is also seen in the US stock market, driven by solid third-quarter earnings reports from companies like Tesla and other technology sectors.

Fahmi advises investors to continue to monitor their investment strategies as a whole, both in the stock market and crypto, taking into account fundamental and technical analysis available through features on investment platforms.