Bitcoin Nears Record Highs as US Elections Loom: What’s Next?

• Bitcoin bulls have confirmed robust currently, pushing the value closest to its ATH.
• The bullish optimism stays particularly because the American elections strategy.

October could have been an excellent month for Bitcoin [BTC] and for a couple of motive. Accumulation has been gaining momentum all through the month, contributing to a serious sample break.

A end result that might set the tempo for some attention-grabbing value motion and new highs within the coming months.

Bitcoin fashioned a long-term bullish flag after its spectacular rally within the first three months of 2024. This sample has been taking part in out since March and is characterised by descending assist and resistance bands.

BTC’s remaining transfer above the resistance line yielded success at $66,000 and continued to indicate energy above that stage.

The bullish momentum over the previous 5 days confirmed the breakout and allowed Bitcoin to rise near its historic ATH of $73,777. The current improve peaked at 73,620.

Supply: TradingView

The breakout of the bullish flag sample has lastly occurred for the primary time in nearly seven months. This additionally means that the value could possibly be on the verge of one other large transfer in favor of the bulls. In different phrases, Bitcoin is on the verge of value discovery and new all-time highs.

The following large Bitcoin catalyst

The US elections are simply across the nook and the end result is predicted to have a major influence on Bitcoin’s value motion. This turned evident in July when BTC sentiment round presidential candidates was fairly excessive, based mostly on whether or not they assist crypto.

Trump is at present thought-about essentially the most pro-crypto candidate, which means a win for him would possible have a optimistic consequence on Bitcoin’s value motion. Alternatively, a win for Harris could not yield an identical end result for BTC.

Uncertainty has additionally returned after the final rally. Value has proven resistance throughout the earlier excessive vary. Extra remarkably, information on the chain suggests that giant firms have made earnings.

There was not too long ago an enormous spike within the quantity of Bitcoin flowing out of enormous accounts. The outflow grew from 0 BTC to three,990 BTC between October 26 and October 30. In the meantime, inflows from massive holders peaked at 2,020 BTC up to now 24 hours.

Supply: IntoTheBlock

Learn Bitcoin’s [BTC] Value forecast 2024–2025

Regardless of this commentary, present sentiment suggests extra bullish expectations sooner or later. This was evident from the truth that the most recent upturn was not instantly adopted by a pointy improve in promoting stress.

Nonetheless, greater ranges of volatility are more likely to emerge sooner or later.