- Bitcoin’s price surged past $66,000 for the first time in almost three weeks.
- Crypto analysts at QCP suggest that ‘Uptober’ and the US election sentiment may drive bulls higher.
Bitcoin (BTC) price jumped over 6% to surpass $66,000 on Monday, October 14, 2024, as the majority of cryptocurrencies saw 24-hour gains.
According to CoinGecko’s data, BTC price peaked at $66,173 across leading crypto exchanges.
On Coinbase, it reached $66,296. These gains occurred as the leading cryptocurrency rallied from the uncertainties experienced the previous week, with Bitcoin bulls noting a 4% shift in weekly price performance.
At the time of writing, Bitcoin was trading around $65,959 on Coinbase, indicating a potential continuation amid gains in the S&P 500. Traders also reflected on China’s stimulus package. In the crypto realm, the overall “Uptober” sentiment seemed to favor an increase as altcoins also advanced.
Bitcoin rallies before US election
A prediction for BTC by Singapore-based trading firm QCP Capital indicates BTC is following price patterns similar to past US election cycles.
If this pattern holds, Bitcoin bulls might aim for additional gains leading up to the November election.
“While several factors could explain today’s rise, the timing is intriguing when considering historical price movements. We are now in mid-October, just three weeks away from the US elections,” QCP stated in an update on Telegram.
The trend observed in 2016 saw Bitcoin ascend from around $600 three weeks prior to the election to above $1,200 by early January. A similar pattern occurred in 2020 when BTC climbed from $11k in mid-October to reach $42k in January 2021.
“After months of sideways trading, could history repeat itself? Today’s surge has certainly provided the market with a spark of optimism, especially as Uptober enthusiasm was waning,” QCP concluded in the note.
Bitcoin achieved its all-time high of $73k in March, with the surge fueling optimism from the halving event and the introduction of spot Bitcoin exchange-traded funds.
