- Bitcoin worth broke above $66,000 for the primary time in practically three weeks.
- Cyptoanalysts at QCP say 'Uptober' and US election sentiment may assist bulls increased.
Bitcoin (BTC) worth rose greater than 6% to achieve above $66,000 on Monday, October 14, 2024, as most cryptocurrencies posted 24-hour good points.
In accordance with information from CoinGecko, the worth of BTC reached a excessive of $66,173 on main crypto exchanges.
It reached $66,296 on Coinbase. The good points got here because the flagship cryptocurrency bounced again from the uncertainties witnessed the earlier week, with bitcoin bulls posting a 4% weekly worth drop.
Bitcoin was buying and selling round $65,959 on Coinbase on the time of writing, suggesting a possible continuation of good points throughout the S&P 500. The difficulty of China's stimulus package deal additionally factored into dealer sentiment. The general “Uptober” temper appeared to be rocking within the crypto market as altcoins additionally rose.
Bitcoin surges forward of US election
A BTC forecast by Singapore buying and selling agency QCP Capital means that BTC is displaying worth trajectories that mirror earlier US election cycles.
If this development continues, Bitcoin bulls might goal additional good points forward of the November election.
“Whereas there could possibly be many elements that might clarify at this time's motion, it’s fairly an attention-grabbing time when historic worth motion. We’re in mid-October and solely three weeks away from the US election,” QCP mentioned in an replace on Telegram.
The development in 2016 noticed bitcoin rise from round $600 three weeks into the election to over $1,200 in early January. It occurred once more in 2020, when BTC rose from $11,000 round mid-October to $42,000 in January 2021.
“After months of buying and selling within the vary, will historical past repeat itself? At this time's rally definitely gave the market a glimmer of hope simply as uptober optimism waned,” QCP added in a observe.
Bitcoin hit an all-time excessive of $73,000 in March, with the rally coming amid a halving in sentiment and the launch of spot bitcoin exchange-traded funds.
