Will Bitcoin Price Break $71K Before US Election 2024 ?
Timothy Peterson, founder of Cane Island Alternative Advisors, suggests that Bitcoin may hit $71,000 by Q4. He notes a strong correlation between high-yield (HY) corporate bond rates and Bitcoin prices, indicating that as HY rates rise, Bitcoin tends to follow. This relationship is backed by two key charts showing a positive correlation and similar price movements between HY bonds and Bitcoin over time. Peterson highlights that the ICE BofA US High Yield Index Effective Yield is particularly predictive of Bitcoin’s price.
With the upcoming U.S. election and its associated uncertainty, Peterson notes that markets are typically "flat and volatile" between September and October. Despite Bitcoin’s largest correction phase, the mainstream adoption of Web3 protocols and digital assets has boosted crypto liquidity and bullish sentiments.
Peterson also provides a short-term Bitcoin forecast, predicting a potential price of $100,000 by January if the HY rate drops below 6-7%. Currently, the HY rate is 7.16%. The likelihood of a bullish continuation later this year, driven by the U.S. election and possible interest rate cuts, remains high, capturing the attention of investors and analysts.
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