As we are approaching the US election month, Bitcoin has started showing signs of bullish momentum with it nearing the crucial $70,000 mark on 20th October. Many analysts believe that BTC could set a new all-time high (ATH) before the US presidential election in November. This speculation is largely driven by a confluence of technical and macroeconomic factors.
As we move further towards the US presidential election, it is also expected that Bitcoin would go through rapid volatility due to both political and macroeconomic factors. All the historical patterns show that elections tend to stir uncertainty in financial markets and Bitcoin – often seen as a hedge against traditional financial instability – could see heightened trading activity.
Moreover, the candidates’ stances on cryptocurrency regulation might affect market sentiment. For instance, a Donald Trump win is expected to be more bullish for Bitcoin with some analysts projecting that the token could even surge to $125,000 by the end of 2024 under his presidency​. On the other hand, regulatory clarity from either candidate could spark institutional interest and boost liquidity in the market.
BTC Technical Analysis and Current Market Data
Bitcoin is currently trading near $69,000 with it having broken key resistance levels around $68,000 during the past week. A widely tracked momentum indicator has flipped positive for the first time since April 2024, signaling potential for more upside.
Several analysts are suggesting that the next critical resistance zone lies just above $69,500, and breaking past this point could catalyze further gains toward a new ATH.
BTCUSD Price Analysis – TradingView
According to data from Coinmarketcap, Bitcoin has surged over 8.5% with it slumping to the monthly low of $59,400 and currently trading around $68,500.
As Bitcoin continues to edge closer to new heights, the market will remain highly reactive to both technical signals and macroeconomic news. With Bitcoin’s current momentum and the uncertain political climate, many believe a new ATH before the US election is a strong possibility.
The uncertainty surrounding the election outcome could drive investors to seek safe-haven assets, which might include Bitcoin. If either candidate outlines a clearer regulatory framework for digital assets during the campaign, it could lead to a surge in institutional buying or conversely a sell-off if regulations appear too restrictive.
Also Read: Bitcoin Price Nears $70K Just 15 Days Before U.S. Elections
