- The price of Bitcoin surpassed $66,000 for the first time in nearly three weeks.
- Cypto analysts at QCP say ‘Uptober’ and US election sentiment could push the upside further.
Bitcoin (BTC) price rose more than 6% to surpass $66,000 on Monday, October 14, 2024, as most cryptocurrencies posted 24-hour gains.
According to data from CoinGecko, BTC price reached a high of $66,173 on major cryptocurrency exchanges.
On Coinbase, it hit $66,296. The gains come as the flagship cryptocurrency rebounds from the uncertainty witnessed last week, with Bitcoin bulls seeing a 4% reversal in their weekly price performance.
Bitcoin was trading around $65,959 on Coinbase at the time of this writing, suggesting potential sustainability amid the S&P 500’s gains. The issue of China’s stimulus package was also on traders’ sentiment. In the cryptocurrency market, the overall ‘Uptober’ atmosphere appears to have reversed as altcoins also rise.
Bitcoin surges ahead of US presidential election
According to BTC forecasts from Singapore-based trading firm QCP Capital, BTC is showing a price trajectory that mirrors previous US election cycles.
If this trend continues, Bitcoin bulls may be targeting further gains ahead of the November election.
“There may be many factors that could explain today’s movements, but it is a very interesting time to look at historical price movements. We are in mid-October and the US elections are three weeks away,” QCP said in a Telegram update.
Following 2016 trends, Bitcoin rose from around $600 three weeks before the election to over $1,200 in early January. This happened again in 2020, as BTC went from $11,000 around mid-October to $42,000 in January 2021.
“After trading in this range for several months, will history repeat itself? “Today’s rally certainly gave the market a glimmer of hope, just as Uptober’s optimism seemed to be fading,” QCP added in a note.
Bitcoin reached an all-time high of $73,000 in March, and the rebound came amid a halving in sentiment and the launch of a Bitcoin spot exchange-traded fund (ETF).