Key Takeaways
- US election results could drive Bitcoin market volatility.
- Jobless claims data on Thursday may shift investor sentiment.
- FOMC rate cut anticipated, adding potential upside for Bitcoin.
Bitcoin markets are preparing for potential turbulence, as three major US economic events this week could significantly impact sentiment and pricing.
Bitcoin is currently trading below $70,000, with expectations for volatility in what could be one of the year’s most eventful weeks.
US Election
The US presidential election, set for Tuesday, November 5, pits Republican Donald Trump against Democrat Kamala Harris.
As polls and prediction markets like Polymarket and Kalshi show Trump holding a narrow lead, analysts anticipate that a win by either candidate could shift economic and regulatory policy, impacting Bitcoin.
AlphaBTC analyst Mark Cullen, is predicting significant volatility, especially if election results are delayed. He said:
The key day will be Tuesday.
Initial Jobless Claims
On Thursday, November 7, the release of initial jobless claims will provide insights into the health of the US labor market.
Last week’s claims were 216,000, down from 228,000, but with a forecast of 220,000 for this week. A higher-than-expected number could indicate economic hardship, potentially driving investors toward alternative assets like Bitcoin as a hedge.
FOMC Rate Decision
Also on Thursday, the Federal Open Market Committee (FOMC) will release meeting minutes, followed by a speech from Fed Chair Jerome Powell.
Markets anticipate a 25-basis-point rate cut as inflation nears the Fed’s 2% target. Spotonchain forecasts a post-election Bitcoin rally, regardless of the winner, potentially pushing BTC to $100,000 by year-end.
