Bitcoin has already hit cycle bottom, Moon Pursuit Capital founder says

Utkarsh Ahuja expects a gradual Bitcoin recovery as US elections, Fed policy and Binance withdrawals test market confidence. Bitcoin has already reached its cyclical bottom and is entering the early stages of a renewed uptrend, Utkarsh Ahuja, founder and managing partner at Moon Pursuit Capital, said in market commentary shared with Crypto Briefing ahead of Tuesday’s US midterm elections. Ahuja cautioned against making directional predictions based solely on election results, arguing that markets respond more to their implications for liquidity, interest rates and the cost of capital. Political uncertainty combined with expectations of tighter monetary policy could pressure risk assets, although markets could rally if the outcome proves less disruptive than feared. He expects a gradual recovery with intermittent corrections rather than an uninterrupted rally. Friday’s US employment report will provide another test as investors assess the Federal Reserve’s December policy decision. Binance outflows could benefit rival exchanges Ahuja said the billions withdrawn from Binance following its reopening remain relatively small compared with the exchange’s total holdings. The more importan...