Bitcoin price tops $66,000 for first time in nearly three weeks, QCP crypto analyst says 'Uptober' and US election sentiment could push bull market higher
Bitcoin (BTC) price rose more than 6% on Monday, October 14, 2024, topping $66,000 as most cryptocurrencies recorded 24-hour gains.
According to data from CoinGecko, BTC price reached a high of $66,173 across major crypto exchanges.
It reached $66,296 on Coinbase. The rally came as the flagship cryptocurrency rebounded from the uncertainty seen in the previous week, with Bitcoin bulls posting a 4% reversal in weekly price performance.
At the time of writing, Bitcoin is trading at around $65,959 on Coinbase, suggesting that Bitcoin could continue in the overall S&P 500 rally. Issues with China's economic stimulus package also affected trader sentiment. In the cryptocurrency market, altcoins also rose, and the overall mood of “uptober” seemed to be increasing.
Bitcoin soars ahead of US presidential election
BTC forecasts by Singapore-based trading firm QCP Capital suggest that BTC is exhibiting a price trajectory that mirrors past US election cycles.
If this trend continues, Bitcoin bulls could aim for further gains ahead of the November elections.
“While there may be many factors that could explain today's moves, it's a very interesting time when you look at historical price action. We're in mid-October and the US election is just three weeks away,” QCP said in a Telegram update. mentioned in.
Trends in 2016 saw Bitcoin rise from about $600 in the three weeks leading up to the election to over $1,200 in early January. The same thing happened in 2020, with BTC rebounding from $11,000 around mid-October and reaching $42,000 in January 2021.
“After months of trading in a range, will history repeat itself? Today's rally definitely gave the market a glimmer of hope as Uptober's optimism was fading. ” QCP added in the memo.
Bitcoin hit an all-time high of $73,000 in March, rising amid a halving of sentiment and the launch of a spot Bitcoin exchange-traded fund (ETF).
