Will Bitcoin’s November rally start after the election?

Crypto markets saw a further pullback on Sunday. Analysts claim that investors are convinced that a big Bitcoin rally is still coming in November (as the daily chart showed a golden cross last week), but that the uncertainty about the US presidential elections is making them choose to sit on the sidelines for a bit.

🚨BREAKING: Donald Trump’s Polymarket odds are plummeting as the market reacts to the Iowa Selzer poll showing him losing in that state.

Kamala Harris is gaining ground.

What went wrong? pic.twitter.com/nOIzIEPvAQ

— Franklin (@franklinisbored) November 2, 2024

Furthermore, the uncertainty about the size of an interest rate cut by the Federal Reserve this week (a cut of 25 or 50 basis points) also increased the chance of profit-taking.

Polymarket

The chances of a Trump victory diminished on the crypto site Polymarket this weekend as Kamala Harris appeared to be doing better in the final days. The price of Bitcoin also followed that trend and fell about 7% from a high of $73,000 last week to $67,000.

Harris continued to do better on the Kalshi website as well, where betting on the presidential elections is officially allowed until election day.

Hayes prefers Solana

Another important impetus was Arthur Hayes, the legendary crypto billionaire and founder of the Bitmex platform. He is clearly the best short-term Bitcoin price forecaster this year.

According to Hayes, it is better to invest in Solana during the election period than Ethereum as your first altcoin choice as Solana rises faster than Bitcoin would, he claims.

📈 “SOL is the high-beta Bitcoin.” @CryptoHayes explains why he’s picking Solana over Ethereum for election trades. 👀

Watch his reasoning 👇https://t.co/CDJPPDIHSH pic.twitter.com/TtzYwL5wIe

— Laura Shin (@laurashin) November 1, 2024

Solana, which has shown fantastic growth over the past year, is the most logical choice in uncertain times, according to Hayes. Although he is certain that Bitcoin and Ethereum will also see a price rise before the end of the year, he is reassessing the diversification of his crypto portfolio and chooses to give more weight to Solana.

Within a few weeks we will know whether Arthur was right this time too.