Bitcoin Is On The Threshold Of The Critical Level Of $70,000! Will There Be A Breakout? Here Are Analysts' Views

[21/10/2024]
Bitcoin is on the verge of breaking the $70,000 barrier as investors closely monitor the US presidential elections in two weeks.

Bitcoin Nears $70,000 as US Presidential Election Approaches

“The $70,000 mark represents a key psychological resistance that closely aligns with Bitcoin’s historical high established above $73,700 in March of this year,” said Min Jung, at Presto Research. The upcoming November 5 presidential election is drawing attention to Bitcoin, which has become a major political issue. "This is the first time that cryptography has entered the political conversation and attracted the attention of a wider audience," said David Lawant, director of research at. With the possibility of a Donald Trump victory and upward momentum increasing, the results are generating a lot of interest in the crypto industry. While his opponent Kamala Harris has recently expressed support for crypto-related policies , Trump has been closely involved and has expressed support for Web3, including Bitcoin mining, finance, and non-fungible tokens. Data from Polymarket, a prediction market platform, shows Trump leading Harris by 21% with a 60% chance of victory. However, FiveThirtyEight's national polls show Harris with a slight lead of 1.8 percent, although that has narrowed from September's 3.1 percent. “The most positive outcome for the cryptocurrency market would be a Trump victory and a victory in Congress,” said Augustine Fan, head of SOFA.org. Fan believes such an outcome would increase the likelihood of passing crypto-friendly legislation, including the digital asset reform plans endorsed by Trump and Vance. After the presidential election, another important macroeconomic event will take place: the meeting of the Federal Open Market Committee . According to the CME Group's FedWatch tool, the probability of a 25 basis point rate hike at the meeting is 94.4%. With Bitcoin approaching the $70,000 mark, the confluence of political and economic developments could play a critical role in determining whether it reaches a new all-time high in the coming weeks.

 

Sophie Nguyen