Bitcoin continued its strong rebound today (15th), challenging the US$66,000 mark twice. QCP Capital analysis pointed out that Bitcoin’s recent trend is similar to the trend before previous US presidential elections, which seems to indicate that before the November election, The cryptocurrency market still has room to rise.
According to CoinGecko market data, Bitcoin hit a maximum of $66,485 this morning, but has fallen back to $65,707 at the time of writing, still up 5% in the past 24 hours.
At the same time, the gains in Ethereum cannot be underestimated, rising by more than 6% in the past 24 hours and changing hands at $2,626 at the time of writing; except for TRON (TRX) and Avalanche (AVAX), which fell slightly, the top 20 cryptocurrencies Today, the market is all bullish, and the market is green.
CoinGlass data shows that Bitcoin’s rise has dealt a heavy blow to short sellers. The cryptocurrency derivatives market has suffered $246 million in liquidations in the past 24 hours, of which $2.1 worth of liquidations came from short positions.
QCP Capital pointed out that this wave of Bitcoin’s rise is similar to the trend before the US elections in 2016 and 2020:
Looking back at 2016, Bitcoin hovered in a narrow range for 3 months. It was not until 3 weeks before the election that it began to rise from $600. The rise continued until early January of the following year, when the currency price doubled.
Similarly, in 2020, Bitcoin was in a flat range for half a year, but started a rally from $11,000 three weeks before the election, and soared to a maximum of $42,000 in January of the following year.
QCP Capital said: "Bitcoin's rise today comes at the right time, just as investor optimism about Uptober is fading, and it has undoubtedly rekindled hope in the market."
October is usually the strongest month for Bitcoin. Over the past 11 years, Bitcoin’s average increase in October has been close to 23%, so it is also known as the “Uptober.” However, Bitcoin’s performance in the past two weeks has been relatively weak, making Investors' expectations for a market rally have waned.
(CoinDesk) analysis shows that Bitcoin’s main gains in October tend to be concentrated in the second half of the month, especially after October 15, when the average increase can reach 16%, making the market full of expectations for the upcoming pre-election trend.
"Is Bitcoin's rebound sustainable? QCP Capital: There is still room for growth "before the U.S. election." This article was first published on (Block Guest).
