Chart of the Day - Tuesday, October 29, 2024

🏆 Today's Chart of the Day was shared by Larry Thompson (@HostileCharts).
 

• Bitcoin is on track for its highest monthly close in history, with only two days remaining in October. It's testing resistance around $73k, representing the upper bounds of a two-year base. Meanwhile, seasonality is at a bullish inflection point. 
   
• Bitcoin initially broke out to record highs in March. However, the breakout failed, leading to a seven-month consolidation phase. This grueling consolidation looks like one giant Bull Flag when you zoom out.
   
• Larry points out that Bitcoin surged after the last two presidential elections (2016 and 2020). Both breakouts were followed by a triple-digit rally that lasted several months. While the dataset is small, the similarities between these cycles are uncanny. 
   

The Takeaway: The election could spark Bitcoin's next leg higher.