Crypto Market Forecast 29 October 2024

Oct 29, 04:53 PM

Daily Market Summary 29 October 2024


  • Bitcoin (BTC): High volatility and bearish signals dominate, suggesting a potentially stormy trading environment. Despite its strong rise past $71,000, market uncertainty, driven by impending U.S. economic reports and the upcoming election, heightens risk.
  • Ether (ETH), Binance Coin (BNB), and Litecoin (LTC): These assets are facing modest downward pressure, though not as pronounced as Bitcoin.
  • Ripple (XRP) and Solana (SOL): Show slight bullish signs, suggesting some resilience amidst broader bearish sentiment.

Weekly Forecast


Despite current volatility, a general bullish trend is anticipated over the coming week, with expectations of "sunny" conditions potentially lifting the crypto market as optimism returns.

Key Market Drivers


  1. Economic Indicators and U.S. Election: Reports on GDP, inflation, and employment, coupled with the upcoming U.S. presidential election, add a layer of unpredictability. Increased bets on a Trump victory, including large whale purchases of "Yes" shares, underscore the political factor in market sentiment.

  2. Bitcoin ETF Inflows: With nearly $1 billion recently poured into Bitcoin ETFs, optimism among institutional investors is clear, enhancing bullish sentiment, particularly for Bitcoin.

  3. Banking Innovations: FV Bank's rollout of a Visa debit card linked to crypto balances marks a significant advancement in crypto payment accessibility, potentially stimulating broader adoption.

Market Forecast


Given the convergence of economic releases, political events, and fresh institutional interest, short-term volatility could be intense, especially for Bitcoin. However, the combination of Bitcoin ETFs' sustained inflows and innovations like FV Bank's Visa integration points to a potential market recovery over the next week, supporting a moderately bullish outlook in the medium term.