Bitcoin Was Targeting 70k: So Why is Crypto Down Today?

Why is Crypto Down Today? Bitcoin (BTC) is under pressure, falling against expectations, but growing presale volumes spotlight the hidden pump.

Bitcoin was rallying towards 70K, and then it crashed. What the heck is going on?

Wasn’t this the famed “uptober” and early Q4 when prices tend to rip? If anything, Bitcoin has had a decent past few months.

Bitcoin Is Down: What’s Happening? Why is Crypto Down Today?

The dizzying crash to as low as $49,000 in early August before the bounce and another crash in the same period in September did nothing but temper diamond hands.

For crypto’s sake, a rally is needed now. But it’s not happening, at least for now.

There are many moving influential factors shaping price action.

Inflation aside, the United States Federal Reserve is moving away from price pressures to a “soft landing. ” There is also the upcoming general election to consider.

Donald Trump Versus Kamala Harris

Americans will be choosing their next president in less than two weeks. Joe Biden is exiting, and either Kamala Harris or Donald Trump will take over.

Harris and Trump have crypto plans, but more leaders in this emerging sphere favor the latter.

And Polymarket punters are placing the former president ahead.

One Bitwise executive said that if Trump wins, Bitcoin could rise above $74,000 to $92,000 and even higher.

Many more agree with this assessment, with figures above $100,000 floated.

DISCOVER: 4 Ways to Buy the Bitcoin Dip With Apple Pay in October 2024

Speculators Flushed Out, Hash Rate and Mining Difficulty Rising

For now, Bitcoin is facing headwinds, which could be due to the market flushing out leveraged speculators.

Often, whenever there are too many punters, it tends to exert pressure on the coin. The result? A brutal sell-off similar to the one we saw this week.

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However, if BTC holds above $66,000, bulls can reclaim $70,000 and march above September to all-time highs.

There are supportive factors to buttress this outlook–brilliant and “hopeful” as it may look.

Beyond politics, mining revenue is rising, explaining the automatic increment of difficulty.

( Source )

As the hash rate grows, the network has to make it more difficult for miners to confirm a block after the slip post-halving.

The upward adjustment means the network difficulty is at an all-time high, following the hash rate, which is the computing resources poured into processing transactions.

Tesla Is HODLing its Bitcoin Stack

While miners are more confident and investing despite decreasing revenue, Tesla is also not selling.

After initial fears that the electric car manufacturer will sell BTC in mid-October, their Q3 2024 report shows that they are holding–and don’t plan on selling.

( Source )

Packaging all of the above means the probability of Bitcoin rallying to record highs in Q4 outweighs the chance of a sell-off below $50,000.

Why is Crypto Down Today? Well, they’re Not – Freedum Fighters is EXPLODING

Since BTC and altcoins directly correlate, it is easy to see why more investors are buying DUM, the native token of Freedum Fighters, banking on the world’s most valuable coin to exceed expectations.

You can think of Freedum Fighters as an undervalued “MAGA” or “KAMALA” token.

It serves the same purpose: Allow holders to benefit from the upcoming elections.

 

Freedum Fighters is a low-cap PolitiFi token that simulates the presidential. You can pick your preferred candidate and earn rewards.

Apart from this, the Freedum Fighters platform combines satire and staking.

Even after the election, holders will benefit from the platform’s strategic roadmap, which includes phases like “Make Crypto Free Again,” “A New Leader,” and “The Race.”

The objective is to tap into the excitement and fun of the meme coin market while enhancing user experience.

Over $250,000 has been sold in the ongoing presale, with each token available for $0.00005. However, you have to get in now. After 6 hours, DUM prices will increase.

To stay updated with the latest developments, join the community on  X  or  Telegram . Join the showdown.

Visit FreeDum Fighters

EXPLORE: Crypto All-Stars Raises $2.6M in Presale, Meme Coin Supercycle Staking Protocol Underway

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