Bitcoin Recovers After Scare: Inflation Solid, Will a Trump Win Push BTC to $97,000?

Bitcoin is stable at press time. Even with rising inflation in the United States, prices may not rise given their role as a store of value. At press time, sellers remain in charge, demanding that prices not only close above $64,000, but that the rise must be decisive, preferably against the backdrop of increasing trading volume. From the looks of it, buyers are confident and are recovering after the price fell below $60,000. However, Bitcoin’s short- to medium-term trajectory depends on whether bulls keep prices above the $60,000 support level, a psychologically important level – at least for now.

Traders are confident about what lies ahead. Now that the drop was no longer as severe as last week, Bitcoin has a chance. Still, the way the bar closes this week is likely to influence the short- to medium-term formation. Technically speaking, BTC is stable with a decent trading volume of around $30 billion.

It’s worth keeping an eye on the following recent Bitcoin news developments:

• Bernstein, an asset manager who manages over $37 billion in assets, believes that BTC can easily rise above $90,000 if Donald Trump wins. According to Polymarket, voters in the United States are banking on the former president’s support.
• Inflation in the United States rose to 2.4%, rather than the expected 2.3%. Risky assets like Bitcoin tend to perform better in an inflationary environment.

Bitcoin price analysis

BTC/USD is stable and recovering after yesterday’s scare.

This week’s preview remains unchanged.

Bulls still have a chance as prices range between $60,000 and $64,000.

A close above $64,000, erasing losses from October 1st, is a major validation for buyers.

However, if Bitcoin slips and breaks $60,000 again, the coin could extend its losses, matching last week’s losses.

In this case, BTC can easily decline to $50,000.