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.
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 Picture
The 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.
