Utkarsh Ahuja, founder of Moon Pursuit Capital, stated that Bitcoin has reached its cyclical bottom and is entering an early uptrend phase. He anticipates a gradual recovery characterized by intermittent corrections rather than a steady rally. Market participants are currently monitoring upcoming US election results, Federal Reserve policy decisions, and macroeconomic indicators.
The firm highlighted that Binance experienced approximately $5.3 billion in net outflows following a security incident on October 29. While these withdrawals are small relative to the exchange's total holdings, competitors like OKX and Bybit have seen corresponding inflows. Investors are currently diversifying assets across platforms to prioritize custody and transparency.
Economic data shows US growth at 3.4% in the third quarter and annual PCE inflation at 3.6% for September. The Federal Reserve maintained interest rates between 3.75% and 4% in October. Ahuja noted that potential energy price increases, linked to geopolitical tensions involving Iran and shipping routes, could influence future monetary policy and keep Bitcoin trading as a risk asset.
