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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Is Bitcoin Ready To Break Through $70,000? Analyzing The Next Steps For The Crypto Leader

Ronaldo Marquez
Ronaldo Marquez
10 months ago
4 mins read
Bitcoin

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As the US presidential election draws near, Bitcoin has briefly surged to the $70,000 mark for the first time in over five months. This milestone coincides with former President Donald Trump leading in polls against Vice President Kamala Harris, setting the stage for potential shifts in the cryptocurrency landscape depending on the election outcome.

$70,000 As Key Level For Bitcoin To Surpass March Record

The recent uptick in Bitcoin’s price has been bolstered by a rally in the stock market, with analysts noting that investors are increasingly pricing in a potential Trump victory. 

Tony Sycamore, a market analyst at IG Australia Pty, indicated that Bitcoin needs to maintain a solid break past $70,000 to build confidence in surpassing its previous record of $73,798 set in March.

Bitcoin
At the time of writing, BTC was trading at $69,880 on the daily chart. Source: BTCUSDT on TradingView.com

Trump has positioned himself as a pro-crypto candidate, pledging to make the US the cryptocurrency capital of the world. In contrast, Harris has taken a more cautious stance, advocating for a regulatory framework for the industry. 

Amidst the political backdrop, options traders have ramped up their bets, with many speculating that Bitcoin could reach $80,000 by the end of November, irrespective of who wins the election. 

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Implied volatility around Election Day on November 5 has also risen, reflecting the uncertainty in the market. Notably, spot Bitcoin ETFs in the US have seen approximately $3.1 billion in net inflows this month, further contributing to the positive sentiment surrounding cryptocurrencies.

Regulatory Concerns Surround Harris’s Stance On Crypto

Crypto analyst VirtualBacon recently highlighted the significance of the upcoming election for the cryptocurrency market, dubbing it the “Crypto Election.” 

Prediction markets currently favor Trump at 60%, although these figures may be skewed due to the crypto community’s historical support for him. National polls indicate a tighter race, with Harris holding a slight lead of just over 1%. 

The crypto industry has contributed approximately $119 million to campaigns this election year, representing nearly half of all corporate donations. 

However, major players like Coinbase and Ripple are strategically donating across party lines to promote supportive legislation rather than backing a single candidate.

While both Trump and Harris have publicly expressed favorable views on cryptocurrency, their commitments to concrete legislative action remain uncertain. 

Harris’s regulatory approach raises concerns, as her campaign has emphasized protecting minority investors in digital assets without providing specifics. 

Moreover, her tenure as Vice President coincided with the appointments of prominent crypto critics such as the US Securities and Exchange Commission (SEC) chair Gary Gensler, and US Treasury Secretary Janet Yellen.

On the other hand, Trump’s evolving views towards cryptocurrency, including the launch of a successful NFT project and a DeFi platform, suggest a warming to the industry. 

As the election approaches, VirtualBacon suggests that it’s crucial to consider that economic data released post-election will significantly influence market sentiment. 

The upcoming Federal Open Market Committee (FOMC) meeting in November could provide critical insights into inflation and liquidity, impacting both the broader market and the trajectory of cryptocurrencies.

BTC’s Path To $100,000

Despite the speculation surrounding the impact of the presidential election, which is just 7 days away, another analyst, Ali Martinez, noted that over the past eleven years, seven of them have seen massive gains for the market’s leading crypto.

As can be seen in the chart provided by Martinez, the average November gain for BTC is a massive 46%, which if the market follows these late patterns, could see a November price of just over $100,000 per coin.

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Bitcoin
BTC’s performance during the past eleven Novembers. Source: Ali Martinez on X

However, for BTC to confirm a breakout to retest its all-time high, it will be key for it to consolidate above the $70,000 mark in the coming days ahead of the election, positioning it well for a dramatic breakout to even higher prices. 

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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