Utkarsh Ahuja, founder and managing partner at Moon Pursuit Capital, believes Bitcoin has already reached its cyclical bottom and is entering the early stages of a renewed uptrend. He expects a gradual recovery with intermittent corrections rather than an uninterrupted rally, as US elections, Federal Reserve policy and Binance withdrawals test market confidence. He said Binance recorded approximately $5.3 billion in net outflows after the October 29 hack, while competing platforms including OKX and Bybit reported inflows. Ahuja cited US economic growth of 3.4% in the third quarter, annual PCE inflation of 3.6% in September and the Fed holding interest rates at 3.75% to 4% in October. He also identified the US-Iran conflict as an inflationary risk that could sustain restrictive monetary policy and weigh on Bitcoin, which remains treated as a risk asset.
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