- Bitcoin price has climbed above $66,000 for the first time in nearly three weeks.
- Crypto analysts at QCP say an “Uptober” rally and U.S. election sentiment could help bulls push prices higher.
The price of Bitcoin (BTC) rose more than 6% on Monday, October 14, 2024, breaking above $66,000 as most cryptocurrencies posted 24-hour gains.
Data from CoinGecko showed BTC reaching as high as $66,173 on major exchanges, while Coinbase recorded a peak of $66,296. The gains came after Bitcoin bounced back from the uncertainty seen the previous week, when the flagship crypto suffered a roughly 4% weekly decline.
At the time of writing, Bitcoin traded around $65,959 on Coinbase, suggesting the potential for continued upside alongside gains in the S&P 500 index.
Traders also pointed to developments around a Chinese stimulus package as a factor shaping market sentiment. The broader crypto market appeared to embrace an “Uptober” mood, with altcoins also pushing higher.
Bitcoin Surges Ahead of U.S. Election
A price outlook from Singapore-based trading firm QCP Capital suggests BTC is following trajectories that mirror past U.S. election cycles.
If that pattern holds, Bitcoin bulls could be targeting further gains ahead of November’s vote. “While there may be many factors explaining today’s move, the timing is notable when looking at historical price action. We are mid-October and only three weeks out from the U.S. election,” QCP said in an update on Telegram.
Historically, the trend appeared in 2016 when Bitcoin climbed from roughly $600 three weeks before the election to over $1,200 by early January. It happened again in 2020, with BTC rising from about $11,000 around mid-October to $42,000 in January 2021.
“Will history repeat itself after months of range-bound trading? Today’s rally certainly offered the market a glimmer of hope, just as Uptober optimism has softened,” QCP added in its note.
Bitcoin previously reached an all-time high near $73,000 in March, a surge that coincided with renewed bullish sentiment following the halving and the launch of spot Bitcoin exchange-traded funds.