Why is Bitcoin going up today? This historical trend could be key

• Is a Bitcoin Rise Coming Earlier than the Upcoming US Elections?
• BTC might rise to $70,000 by the tip of October.

On October 14, Bitcoin [BTC] rose 5% to retest $66,000 as analysts linked the rebound to the upcoming US elections.

Quinn Thompson, founding father of crypto hedge fund Lekker Capital, referred to as the newest rally a “Trump punch“, citing the growing probability of Trump profitable the US elections.

However Kamala Harris’ latest pledge to assist a cryptocurrency regulatory framework has some consultants believing that the 2024 election might be a win-win for the sector.

American election issue

For its half, crypto buying and selling agency QCP Capital believed the rally was a part of historic tendencies within the run-up to the US elections.

“The timing main as much as the US elections displays historic patterns. In each 2016 and 2020, #BTC rose simply three weeks earlier than #ElectionDay 2024.”

In 2016, BTC rose from $600 three weeks earlier than the US election and doubled in January 2017. Equally, BTC exploded from $11,000 earlier than the 2020 election and reached $42,000 in January 2021.

Will the development repeat in 2024? AMBCrypto requested Bitget Analysis’s lead analyst Ryan Lee what his ideas have been:

Lee stated BTC has remained resilient regardless of the strengthening US greenback. This might imply a bullish section for the asset within the medium time period.

He predicted that BTC might stay in vary or explode above $70,000 by the tip of October.

“Crypto market volatility is more likely to improve within the run-up to key occasions – the following Fed assembly in November and on the identical time the US elections. BTC value fluctuations can vary from $58,000 to $69,000.”

Supply: CryptoQuant

That stated, demand for BTC has elevated over the previous 30 days and has reached ranges final seen in April. This was a whole turnaround from the low demand within the second and third quarters of 2024.

By the best way, the latest BTC surge confirmed a better low development that might point out a possible shift in market construction and an finish to the reaccumulation section since March.

Supply: Inventory Cash Lizards

HNonetheless, famous analyst Peter Brandt believed {that a} shift in market construction might solely happen if BTC rose above $68.2K.

On the time of writing, BTC was valued at $65.6K, about 12% beneath its ATH of $73.7K.

Supply: Peter Brandt