• Bitcoin price broke to above $66,000 for the primary time in practically three weeks.
• Cypto analysts at QCP say ‘Uptober’ and the US election sentiment may assist bulls larger.

Bitcoin (BTC) price rose greater than 6% to interrupt above $66,000 on Monday, October 14, 2024 as most cryptocurrencies recorded 24-hour good points.

Based on knowledge from CoinGecko, BTC price had reached highs of $66,173 throughout main crypto exchanges.

On Coinbase it hit $66,296. The good points got here because the flagship cryptocurrency bounced from the uncertainties witnessed the earlier week, with Bitcoin bulls seeing a 4% flip in weekly price efficiency.

Bitcoin traded round $65,959 on Coinbase on the time of writing, suggesting a possible continuation amid good points throughout the S&P 500. The problem of China’s stimulus bundle was additionally instructed in dealer sentiment. Within the crypto market, the general “Uptober” temper seemed to have swung in as altcoins additionally rose.

Bitcoin surges forward of US election

A forecast for BTC by the Singapore-based buying and selling agency QCP Capital suggests BTC is displaying price trajectories that mirror earlier US election cycles.

If this development continues, Bitcoin bulls might goal additional good points forward of the Nov. election.

“Although there could be many factors that could explain today’s move, it is quite an interesting time if we look at historical price action. We are in the middle of October and just three weeks away from the US elections,” QCP stated in an replace on Telegram.

The development in 2016 noticed Bitcoin rise from round $600 three weeks to the election to above $1,200 in early January. It once more occurred in 2020, when BTC rallied from $11k round mid-October to hit $42k in January 2021.

“After months of trading in the range, will history repeat itself? Today’s rally has definitely given the market a glimmer of hope just as Uptober optimism was fading,” QCP added within the be aware.

Bitcoin reached an all-time excessive of $73k in March, with the rally coming amid halving sentiment and the launch of spot Bitcoin exchange-traded funds.