- Is a surge incoming for Bitcoin before the upcoming U.S. elections?
- BTC could rally to $70K by the end of October.
As an analyst with over a decade of experience in the financial markets, I have seen my fair share of market trends and cycles. The recent surge in Bitcoin (BTC) prices ahead of the U.S. elections has caught my attention, and as a seasoned observer, I believe that there might be some truth to the idea of a “Trump bump” or election-related rally.
On October 14th, the price of Bitcoin (BTC) surged by 5% and touched $66K, with experts attributing this rise to the forthcoming U.S. elections.
According to Quinn Thompson, the founder of Lekker Capital, a crypto hedge fund, he referred to the recent surge as the “Trump Bounce,” attributing it to the growing likelihood of Donald Trump’s victory in the upcoming U.S. elections.
However, Kamala Harris’s recent commitment to establish a regulatory framework for cryptocurrencies has led some analysts to speculate that the 2024 elections might prove advantageous for the crypto sector, potentially benefiting both parties.
U.S. election factor
According to crypto trading firm QCP Capital, they saw the price surge as a recurring trend in the past, particularly leading up to the U.S. elections.
As we approach the U.S. elections, a pattern similar to previous years has emerged. Just like in 2016 and 2020, Bitcoin (#BTC) saw a surge three weeks prior to Election Day 2024.
In 2016, Bitcoin (BTC) increased from around $600 three weeks prior to the U.S. elections and doubled its value by January 2017. Likewise, Bitcoin surged from about $11K before the 2020 elections and reached $42K by January 2021.
Is it likely that the pattern observed in 2024 will reoccur, according to Ryan Lee, Chief Analyst at Bitget Research? This is the question posed by AMBCrypto.
Lee pointed out that Bitcoin (BTC) has proven its robustness even as the US dollar becomes stronger. This suggests a potentially positive trend, or ‘bullish’ period, for the digital currency in the near future.
He projected BTC could remain range-bound or explode above $70K by the end of October.
The turbulence in the cryptocurrency market is expected to escalate as we approach significant events: the upcoming Federal Reserve meeting in November and the concurrent U.S. elections. This could cause Bitcoin’s price to fluctuate significantly, potentially swinging between $58,000 and $69,000.
To put it simply, Bitcoin’s demand has significantly risen over the past month, reaching levels not seen since April. This is quite the reversal compared to the relatively low demand experienced during the second and third quarters of 2024.
Additionally, the latest increase in Bitcoin price supports a pattern of higher lows, potentially suggesting a change in market structure and concluding the period of accumulation observed since March.
But according to well-known analyst Peter Brandt, it’s possible that a significant change in market structure might occur once Bitcoin exceeds the price point of $68,200.
At press time, BTC was valued at $65.6K, about 12% below its ATH of $73.7K.
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2024-10-15 18:15