Bitcoin's price surged past $73,000 on Tuesday, marking its highest level since June and igniting a market-wide rally. This upward momentum comes just days before the U.S. elections, with traders viewing the event as a significant bullish catalyst regardless of whether a Republican or Democrat emerges victorious.

Current Price Movement

According to CoinGecko data, Bitcoin, the largest cryptocurrency by market capitalization, rose 4% to reach $71,214, inching closer to its all-time high of $73,737.

Spot Bitcoin ETFs See Significant Inflows Amid Election Buzz

This year has been transformative for Bitcoin, largely attributed to the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds (ETFs). Recent data from Farside Investors indicates that approximately $4 billion in net inflows have flowed into these funds over the past two weeks. Notably, BlackRock’s iShares Bitcoin Trust continued its acquisition spree, garnering over $314 million in new investments on Monday.

Matt Hougan, Chief Investment Officer at Bitwise, suggests that the resurgent inflows into spot Bitcoin ETFs are critical factors that could propel Bitcoin toward a six-figure valuation, especially in light of the closely contested presidential election.

Analysts' Predictions Ahead of the Elections

Analysts from Standard Chartered project that Bitcoin may reclaim its $73,000 peak on Election Day, November 5. They further speculate that if former President Donald Trump regains the presidency, Bitcoin could potentially soar to around $80,000, given Trump’s previously outlined policies aimed at the crypto sector. Furthermore, they forecast a dramatic rise to $125,000 by the end of 2024, should Republicans gain control of Congress.

Bitcoin's Post-Halving Rally Gathers Momentum

In addition, veteran trader Peter Brandt posits that Bitcoin’s post-halving rally may have already commenced, suggesting the cryptocurrency is entering a bullish phase. Brandt noted the completion of a five-month inverted expanded triangle, indicating a shift from a series of lower highs and lower lows observed since March.

Brandt emphasizes that sustained momentum will be vital for Bitcoin’s trajectory. Earlier this month, he anticipated that Bitcoin was on the cusp of what he termed the “most anticipated” and “hoped-for” breakout in its history.

Technical Indicators of Strength

Other cryptocurrency traders have noted that Bitcoin has achieved a "golden cross," a bullish signal where the 50-day simple moving average (SMA) crosses above the 200-day SMA, indicating strengthening momentum. Bitcoin is now just 3.4% shy of its all-time high reached on March 13, 2024.

#Botcoin #BTC☀ $BTC

Former U.S. President Donald Trump has suggested he might appoint JPMorgan Chase CEO Jamie Dimon as Treasury Secretary if he wins reelection. Dimon has been a vocal critic of Bitcoin, calling it a ‘fraud’ and arguing that it lacks the essential qualities of a currency.

Meanwhile, Trump has recently shown a growing interest in cryptocurrency, stating that he plans to focus on Bitcoin if he is reelected in November.
AI Predicts Bitcoin Price Range with Jamie Dimon as Treasury Secretary
The AI tool forecasts that if President Trump, who has recently shown more support for the crypto space, advances favorable regulations, Bitcoin’s value could significantly rise. Under this scenario, Bitcoin’s price might soar to between $80,000 and $120,000, potentially reaching a new all-time high.
Conversely, if Jamie Dimon, a known critic of Bitcoin, has a major influence over Treasury policies, the regulatory environment could become more restrictive. This could hinder cryptocurrency growth and adoption, potentially causing Bitcoin’s price to drop to a range of $30,000 to $50,000.

The AI also considers a mixed scenario where Trump’s pro-crypto stance and Dimon’s stringent regulations are both influential. This could lead to market uncertainty and volatility, with Bitcoin’s price fluctuating between $50,000 and $70,000.

AI Bitcoin price prediction. Source: ChatGPT-4o
AI’s Bitcoin Price Projections and Current Market Trends
The AI’s analysis indicates that Bitcoin’s future price is highly dependent on the political and regulatory climate. In addition to potential political changes, factors like technological advancements, market adoption, macroeconomic trends, and global events will also significantly influence Bitcoin’s value.

Currently, Bitcoin is showing strong bullish trends, having recently surpassed the $60,000 resistance level. This upward movement follows an increase in Trump’s reelection prospects due to a failed assassination attempt on him.
As of the latest update, Bitcoin is trading at $65,080, marking a daily gain of over 2%. Over the past week, Bitcoin has surged nearly 11%, reflecting its positive momentum.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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