According to BlockBeats, on October 17, top trader Eugene shared his market insights on his social platform, expressing surprise at Bitcoin's recent significant surge. Initially, Eugene expected Bitcoin to trade between 60-65k, but the deviation from this range presents a suitable opportunity for both long and short positions. He expressed concern about the high volume of open contracts for Bitcoin, particularly regarding its sensitivity to downward movements as the election approaches.
Additionally, Eugene noted that while altcoins have shown some weakness following a strong rebound, this weakness is relative to Bitcoin's performance. He anticipates that the market will become more fragmented as it awaits the election results. Eugene believes that the total market capitalization of all cryptocurrencies excluding Bitcoin and Ethereum (TOTAL3) is more sensitive to the election outcome than Bitcoin itself.
Eugene advised taking measures to prevent further market turmoil, which he expects to occur over the next two weeks as traders position themselves before November 5 and make final attempts to outmaneuver each other before the results are announced.
