- The worth of Bitcoin has surpassed $66,000 for the primary time in nearly three weeks.
- Cypto analysts at QCP say “Uptober” and US election sentiment might assist bulls rise.
The worth of Bitcoin (BTC) rose greater than 6% to exceed $66,000 on Monday, October 14, 2024, with most cryptocurrencies posting 24-hour features.
Based on information from CoinGecko, BTC value reached a excessive of $66,173 on main crypto exchanges.
On Coinbase, it reached $66,296. The features got here because the flagship cryptocurrency rebounded from uncertainties seen the earlier week, with Bitcoin bulls seeing a 4% decline in weekly value efficiency.
Bitcoin was buying and selling round $65,959 on Coinbase on the time of writing, suggesting a possible continuation amid features within the broader S&P 500. The problem of China's stimulus bundle was additionally raised within the opinion of merchants. Within the crypto market, the overall “Uptober” temper seems to have reversed as altcoins additionally rose.
Bitcoin jumps forward of US elections
A forecast for BTC from Singapore-based buying and selling agency QCP Capital means that BTC reveals value trajectories that mirror earlier US election cycles.
If this pattern continues, Bitcoin bulls might goal for additional features forward of the November election.
“Whereas there are lots of components that might clarify immediately's transfer, it's a fairly fascinating time once we have a look at historic value motion. It’s mid-October and simply three weeks till the US elections,” QCP stated in an replace on Telegram.
The 2016 pattern noticed Bitcoin rise from round $600 three weeks earlier than the election to over $1,200 in early January. This 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? Right this moment’s rally undoubtedly gave a glimmer of hope to the market, simply as yesterday’s optimism was fading,” QCP added within the be aware.
Bitcoin hit an all-time excessive of $73,000 in March, with the rally coming amid a sentiment halving and the launch of Bitcoin spot exchange-traded funds.
