Bitcoin (BTC) 
$104,108 has successfully maintained its position above $65,000. Recent political developments in the United States significantly impact the cryptocurrency market. According to QCP Capital, a potential victory for Donald Trump in the elections creates a positive correlation in the cryptocurrency markets, as his crypto policies are perceived to be more favorable and supportive compared to those of his competitor, Kamala Harris.
Bitcoin Shows Strength Against US Markets
US markets continue to follow a negative trajectory. While the earnings season is ongoing, particularly ASML’s profit report indicates a slowdown in chip demand. This situation has already led to sharp sell-offs in semiconductor stocks like NVIDIA and AMD.
Nevertheless, the decline in US markets has not hindered Bitcoin’s rise. In fact, the leading cryptocurrency surpassed the $67,000 mark, proving its strength once again. This movement has increased expectations for a bull market in the cryptocurrency sector that is predicted to last until 2025.
Expectations for Continued Interest Rate Cuts by Central Banks
QCP Capital analysts foresee that markets will gain more liquidity in the upcoming period. The onset of interest rate cuts by central banks is anticipated to trigger a rally for risky assets. The European Central Bank (ECB) is expected to implement a 25 basis point cut tomorrow, while the People’s Bank of China (PBoC) maintains its dovish stance.
The US Federal Reserve (Fed) is expected to cut rates twice this year, with four additional cuts anticipated by 2025. QCP Capital predicts that these expansive monetary policies from central banks will positively affect Bitcoin and other risky assets, potentially leading investors to witness strong rallies in the cryptocurrency market.
