Crypto Market News : Will Fed Cuts and U.S. Election Delay Altseason?
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The cryptocurrency market, led by Bitcoin (BTC), closed the first week of November with a short-term bearish outlook. More traders have feared the anticipated crypto volatility amid this week’s conclusion of the 2024 U.S. election and potential Fed rate cuts.
Bitcoin price closed last week in an inverted hammer after the bulls were rejected again near the all-time high of around $73k. Nonetheless, Bitcoin dominance has continued to rally upward after recently crossing the 60 percent threshold.
As a result, it is safe to assume that the altcoin market has low bullish momentum in the short term.
Altseason Delayed?Following the approval of several spot Ether ETFs in different jurisdictions in the past few months, more fund managers have been looking into other altcoins led by Solana (SOL), XRP, and Litecoin (LTC) to offer similar products. However, the mainstream demand for altcoins remains relatively low compared to previous crypto bull runs.
It looks like the grand finale of the altcoin reckoning has finally arrived.
The altcoin reckoning should be over by December 2024 (2nd week of January 2025 at the latest).
It has been a long journey, and many gave up along the way, but this process was always going to play out pic.twitter.com/WRVUvIHDTt
According to a popular crypto analyst Benjamin Cowen, the altcoin market, led by Ethereum, will not enter the much anticipated parabolic phase of the bull run until early 2025. Already, the ALT/BTC pair has broken down below the crucial support level, signaling further bleeding in the coming weeks.
However, Cowen noted that a potential rebound could occur in the coming months, as the United States prepares to enter a different monetary policy fueled by the Fed’s rate cut.
Bigger PictureBitcoin October closing price: $70,231 just below March monthly close ATH of $71,285 … ready for US elections. pic.twitter.com/2guzdHAM3S
— PlanB (@100trillionUSD) November 3, 2024The macro crypto outlook remains at play, more than seven months after the fourth Bitcoin halving. According to a well-known crypto analyst alias PlanB, the outcome of the U.S. 2024 elections will heavily impact the outlook in the coming months.