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Bitcoin Taps $69,000 With ‘Bullish Setup’ As US Elections Near: New ATH Soon?

Ash Tiwari
by Ash Tiwari
8 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Today, Bitcoin (BTC) briefly traded above $69,000, coming close to its all-time high (ATH) value of $73,737 recorded earlier this year in March.

Bitcoin ‘Bullish Setup’ Reminiscent Of 2020 Rally

After months of sideways price movement since March, BTC is continuously attempting to reach a new ATH as the US presidential election draws near. The digital asset briefly touched $69,000 before slipping to $68,674 at the time of writing.

Related Reading: Bitcoin Price Finds Support At $65,000 — Here’s Its Potential Path To $78,000

During an interview with CNBC, Matthew Sigel, Head of Digital Assets Research at VanEck, said:

Our bet is that this is a very bullish setup for Bitcoin into the election. We saw the exact same pattern in 2020 where Bitcoin lagged with low volatility and then once the winner was announced, we had a high volume rally as new buyers come into this market.

Sigel added that once the election results are confirmed, Moody’s is expected to downgrade US sovereign debt, which could catalyze a BTC rally in the fourth quarter of 2024.

Crypto analyst Michael van de Poppe also noted that despite Bitcoin’s relatively subdued performance in October – a month traditionally strong for the asset – BTC is well-positioned to reach a new ATH soon. 

He pointed out that, despite recent Federal Reserve interest rate cuts, rates remain high enough to favor risk-off assets like US Treasury bills (T-bills), drawing liquidity away from riskier assets.

The Dutch crypto analyst brought attention to the rising M2 money supply, saying that the metric’s strong positive correlation with BTC could suggest that the digital asset might be on the cusp of a big rally. He said:

As long as the M2 supply increases, bitcoin’s price is going to follow… so it’s just a matter of time until bitcoin price is going to pick up momentum.

Notably, van de Poppe also mentioned that a potential Donald Trump presidency could spark optimism in the crypto sector, possibly igniting a bull run for digital assets in the months ahead.

Trump Continues To Lead In Prediction Markets

Data from Polymarket – a decentralized prediction market platform – indicates that Trump is favored to win against the Democratic candidate Kamala Harris. 

Related Reading: Record-Breaking Bets From Crypto Whales Push Trump’s Election Odds To 30% Against Harris

At press time, Trump’s probability of winning the election has surpassed 66%. In comparison, Harris’ odds stand at about 34%.

A recent survey found that the influence of the crypto voting bloc on election results is likely understated. The survey found that close to 16% of voters believe the candidate’s stance on cryptocurrencies will influence their voting choice.

While most in the crypto industry lean toward Trump due to his pro-crypto stance, Harris has been actively courting some of his crypto-supporting base.

An analyst recently opined that a Harris-led administration might arguably be better than Joe Biden’s for the digital asset industry. BTC trades at $68,674 at press time, up 1.2% in the past 24 hours.

bitcoin
BTC trades slightly below its ATH on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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