By Michael Scott
The Bitcoin bulls reignited upward momentum, propelling BTC blast above $71,000 for the first time since March, with US economic reports due ahead of the November 5 election.
Bitcoin garnered bullish steam on Tuesday morning, pushing BTC above the $71,000 price. The bullish resurgence follows the Monday turnaround for BTC to revisit the $68,000 range following the sharp dip to $65,500 witnessed on Friday, Oct. 25. The pivotal turn to shake off the brief bearish pressure yields a sentiment shift that leaves a possibility of a new all-time high (ATH) within reach.
Bitcoin climbed above $70,000 early Tuesday during Asian trading hours after setting this high-water mark in March this year. The 5% intraday gain saw the BTC price print $71,540.92 as the day’s ceiling level per CoinGecko data.
Bitcoin’s rebound above the $71K mark lifted the token’s market value to $1.406 trillion, reaffirming BTC’s stature as the leading global digital asset.
BTC Jump Beyond $71,000
While the BTC price has cooled slightly to $71,115.46, the trading volume is aggressive, with a 141.50% surge to $51.849 billion in the last 24 hours. It indicates the sharp increase in market activity emerges as more investors ditch the wait-and-see approach after the confirmed breakout above the resistance levels.
Looking ahead, the crypto traders usher an extremely busy spell for the macroeconomic factors. The final week of October alone features the release of the Q3 gross domestic product (GDP) report coinciding with the personal consumption data that tracks inflation and jobs report on Friday.
BRN analyst Valentin Fournier believes the releases will offer a comprehensive outlook on the strength of the US economy, employment trends, and inflation trajectory. The trio of factors has a significant influence on the BTC price trajectory.
The bullish steam is propelling Bitcoin ahead of Tuesday, November 5, when the Americans vote in a tightly contested election pitting Kamala Harris and Donald Trump. Fournier observes that with the election decided, such could provide the boost needed for the Bitcoin price to print a new peak.
Fournier cites that the accumulation phase witnessed last week precedes the release of macroeconomic data and the positive sentiment attributed to the US presidential election. The analyst considers Bitcoin well-positioned to stage a solid upward move. He suggests substantial allocation to BTC to optimize potential gains.
Singapore-headquartered trading firm QCP Capital reflects on recent Trump activity as supercharging the lead over Kamala. A glance at the crypto-based prediction market Polymarket following the former’s interview in the Joe Rogan Experience podcast drives the odds above 66%.
The QCP Capital note echoes BRN’s stance that BTC’s bullish momentum has less close ties to the Trump winning. While the crypto is touted as Trump Trade, a weaker correlation between BTC’s and Trump’s odds is evident as it blasts above $70,000.
Bitcoin Breakout Imminent in Trump Victory
Recent releases by Standard Chartered analysts credit the BTC price trajectory to the upcoming presidential election. Market analyst Geoff Kendrick predicts prices to test $125,000 by December 30, fueled by the ideal political conditions. Kendrick’s bullish outlook considers the $73K price level attainable by Election Day, just shy of the ATH attained on March 14.
Kendrick’s research suggests that the Republican majority in Congress could emerge as the catalyst to bolster the Bitcoin price movement. The analysis considers that a Trump victory could trigger a 4% price rally and a 10% surge post-election days.
Kendrick’s analysis projects BTC to reach $75,000 if Harris wins, though the immediate market reaction may emerge less enthusiastic. Such suggests that the crypto community’s perception favors Trump’s pro-crypto stance.
Executives drawn from crypto asset manager Bitwise are optimistic that BTC could change hands at $92,000 if the GOP candidate wins. However, the crypto exchange Deribit offers a conservative estimate, hinting at a price level of $80K by November 30.
BlackRock chief Larry Fink offers a neutral stance, indicating the BTC could sustain upward trajectory momentum regardless of the November 5 election outcome. The perspective acknowledges that crypto witnesses mainstream adoption and institutional interest, thus beyond the political factors.