Bitcoin (BTC) skyrocketed past the $71,000 mark on Tuesday, October 29, 2024, hitting its highest value since June. The world’s leading cryptocurrency surged 5%, bolstered by a combination of factors including inflows into dedicated exchange-traded funds (ETFs) and speculation surrounding the potential outcome of the upcoming U.S. presidential election.
According to Coinbase data reported by TradingView, Bitcoin climbed to $71,500 around 10:30 p.m. EST, putting it within striking distance of its all-time high of more than $73,000 set in March. Trading volume nearly doubled compared to the previous day, reaching a staggering $47.5 billion.
The rally led to over $100 million in liquidated shorts within 24 hours, potentially contributing to further price spikes as traders closed losing bets. Lark Davis, the entrepreneur and Bitcoin investor, believes that the average return for Bitcoin in November is typically 46%. He noted, “If we see a 46% pump from current prices, it would take BTC to $104,000.” This perspective sparks the question: Could Bitcoin realistically hit $100,000 by the end of November?
Some analysts attribute the surge to the perception that a Trump victory would be majorly positive for crypto. However, every four years, like clockwork, Bitcoin seems to break out against the US Dollar, Bonds, and Gold. Now, it appears that Bitcoin is pricing in a Trump presidency. Sam Macdonald, a Fund Manager and Bitcoin expert, noted, “Bitcoin will do what it always does, hedge the ever-accelerating debasement of our collapsing currencies.” Whether it’s Harris or Trump, Bitcoin continues to act as a hedge against the debasement of our currencies.
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TikTok influencer Wendy O compared the current market dynamics to the 2020 election, highlighting the potential for a similar price run. “I still think Bitcoin is cyclical due to the havening and mining economics operating on a 4-year cycle, but we can not deny the anticipation of the election being a major fundamental driver for price action,” she stated.
A year ago, it started pounding the table because eventually, the FED is going to start easing. That’s great for gold and Bitcoin. Van Eck, from American investment management firm headquartered in New York City, mentioned, “Bitcoin is growing up and will be eventually half the total market cap of gold, so that’s about $350,000.” He added that if central banks adopted Bitcoin as part of the monetary system, it could be worth millions. He noted, “I don’t like to talk about that too much, but more than two million, more than three, yeah, like 2.9($M). We’ve got some model which you have to look at the assumptions.”
A decisive close above $72,000 could propel Bitcoin into price discovery territory, potentially leading to new all-time highs. The anticipation surrounding MicroStrategy’s earnings report and the increasing institutional adoption of Bitcoin, led by companies like Tesla, further contribute to the bullish sentiment.
As the cryptocurrency market continues to evolve and mature, Bitcoin’s performance remains closely tied to broader market trends and key events such as the upcoming U.S. presidential election. With experts predicting further upside potential and a growing number of investors entering the space, the stage is set for an exciting future in the world of digital assets.
