Bitcoin has been climbing steadily, with some of its momentum tied to recent moves by the Federal Reserve.
Many analysts are optimistic about a rally in October, a month often associated with positive trends for Bitcoin. The upcoming U.S. presidential election is also expected to have a significant impact on the crypto market, with some suggesting the outcome could either fuel or hinder Bitcoin’s growth.
Predictions are divided on how the election results might influence Bitcoin. Analysts believe that a Trump win could push Bitcoin prices even higher, while a victory for Kamala Harris might lead to a dip.
At present, Bitcoin remains above $60,000, and Bernstein analysts have highlighted several reasons for the recent surge, including Harris’ remarks on digital assets, which marked her first direct public acknowledgment of the crypto sector.
While both Trump and Harris have expressed support for cryptocurrency, Trump’s strong push to make the U.S. a leader in the space is seen as more favorable for Bitcoin’s outlook. Analysts speculate Bitcoin could reach $90,000 if Trump wins, while a Harris win might cause a pullback to $30,000.
Other contributing factors behind Bitcoin’s current rally include rising demand from spot Bitcoin ETFs, the Federal Reserve’s recent interest rate cuts, a recovery in Bitcoin mining, and major Bitcoin sales concluding. Additionally, a potential shift toward more lenient monetary policies and a weakening dollar are also helping drive Bitcoin’s bullish momentum.
An analyst has outlined potential scenarios for Bitcoin’s price, projecting it could close 2024 within the range of $108,000 to $155,000 if historical trends continue.
With October on the horizon, investors are eagerly anticipating what the month might hold for Bitcoin and the broader crypto market.
10x Research’s recent analysis suggests that Bitcoin may be poised for a substantial rally by late 2024.
Jeff Park, the head of alpha strategies at Bitwise Asset Management, argues that Bitcoin ETF options are unlikely to diminish Bitcoin’s inherent volatility.