Bitcoin (BTC) is preparing for a major surge, with a significant rise on the horizon. Factors such as increased net inflows from spot ETFs and Donald Trump's lead in the U.S. presidential election have acted as catalysts for BTC's upward momentum.
With spot ETF net inflows rising and Trump's lead over Harris on Polymarket (a decentralized prediction platform), Bitcoin has gained strength, continuing its bullish trend since $60,000. The combination of the Fed's interest rate cuts, the upcoming U.S. election, and spot ETF data has propelled BTC forward, boosting market confidence.
Bitcoin is currently nearing a breakout from the downward channel it's been following since March 10. However, this channel has previously served as strong resistance. If selling pressure resurfaces near $68,000, BTC could decline to levels around $64,777, $62,000, $59,647, $56,602, $52,614, and $50,580. The $61,500-$62,000 range will be crucial in the short to medium term, and as long as BTC stays below this level, a downtrend could persist.
If Trump continues to widen his lead in the polls or spot ETF inflows remain strong, Bitcoin's rise could accelerate, first testing $68,000 and then potentially reaching $70,000, $73,684, and even $80,000 if it surpasses its all-time high.
Bitcoin spot ETFs recorded a net inflow of $371 million, with BlackRock’s IBIT ETF drawing $289 million. In contrast, Ethereum spot ETFs saw a net outflow of $12.7 million, reflecting Bitcoin's growing strength compared to Ethereum's weaker outlook.
On Polymarket, Donald Trump currently holds a 58.1% share in the U.S. presidential polls, while Kamala Harris has dropped to 41.5% as of October 16.
