Bitcoin’s Bearish Trend Is ‘Easier To Look Through’ Than Previous ‘Boogeymen,’ Says

Kling stressed that ETF buyers potentially interested in buying Bitcoin were waiting for a pullback and bought when it occurred. Ethereum‘s retrace following the initial news of an ETF approval indicates that “there’s essentially zero ETF hype in price at these levels.”

Kling also thinks Bitcoin is likely to price in Federal Reserve’s rate cuts, with a 70% chance of a cut in September. He expects Federal Reserve Chair Jerome Powell to follow through with rate cuts in case of good inflation data.

Kling also predicted that Bitcoin could be back up to at least the range highs before the election.

Also Read: Bitcoin Should ‘Close A Monthly Candle Above $73,000’ To Invalidate Sell Signal, Says Trader

Why It Matters: Travis King’s latest tweet highlights how a bearish-looking Bitcoin is still able to provide buying opportunities to traders. Kling cites a potential Trump’s presidency as bullish, as is the Nasdaq peaking to new all-time highs. Kling stated that likelihood of a Trump presidency is the “single most mispriced aspect” of crypto right now.

He predicts altcoins will improve drastically if Trump wins in November, leading to the “removal” of SEC Chairman Gary Gensler.

Kling further sees Germany offloading Bitcoin and Mt. Gox repayments as more narrative-driven rather than creating actual selling pressure.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.