Bitcoin spikes to $66k amid ‘Uptober’ sentiment

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

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

In response to knowledge from CoinGecko, BTC worth had reached highs of $66,173 throughout main crypto exchanges.

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

Bitcoin traded round $65,959 on Coinbase on the time of writing, suggesting a possible continuation amid positive aspects throughout the S&P 500. The problem of China’s stimulus bundle was additionally informed in dealer sentiment. Within the crypto market, the general “Uptober” temper regarded 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 exhibiting worth trajectories that mirror earlier US election cycles.

If this pattern continues, Bitcoin bulls might goal additional positive aspects forward of the Nov. election.

“Though there may very well be many components that would clarify right this moment’s transfer, it’s fairly an attention-grabbing time if we take a look at historic worth motion. We’re in the midst of October and simply three weeks away from the US elections,” QCP stated in an replace on Telegram.

The pattern 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 buying and selling within the vary, will historical past repeat itself? At present’s rally has positively given the market a glimmer of hope simply as Uptober optimism was fading,” QCP added within the word.

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.