- Bitcoin price broke above $66,000 for the first time in nearly three weeks.
- Crypto analysts at QCP say “Uptober” and U.S. election sentiment could help bulls push prices higher.
Bitcoin (BTC) rose more than 6% to surpass $66,000 on Monday, October 14, 2024, as most cryptocurrencies posted 24-hour gains.
According to CoinGecko data, BTC reached highs of $66,173 across major exchanges, while Coinbase recorded $66,296.
The gains followed a rebound from the uncertainty seen last week, with Bitcoin bulls reversing a weekly price slip and delivering about a 4% improvement in weekly performance.
At the time of writing, Bitcoin was trading near $65,959 on Coinbase, suggesting a possible continuation of the rally amid broader gains in the S&P 500. Market participants also noted speculation about a potential stimulus package from China as a factor supporting sentiment.
The broader crypto market appeared to catch the “Uptober” mood as altcoins climbed alongside BTC.
Bitcoin rallies ahead of the U.S. election
A forecast from Singapore-based trading firm QCP Capital suggests BTC is tracing price paths that have mirrored previous U.S. election cycles.
If that pattern holds, Bitcoin bulls could aim for further gains ahead of November’s vote. “While many factors can explain today’s move, it’s an interesting period when looking at historical price action. We are in mid-October and just three weeks away from the U.S. election,” QCP said in an update on Telegram.
In 2016, Bitcoin rose from roughly $600 three weeks before the election to over $1,200 by early January. A similar pattern occurred in 2020, when BTC climbed from about $11,000 in mid-October to reach $42,000 by January 2021.
“After months of range-bound trading, will history repeat itself? Today’s rally has definitely given the market a glimpse of hope just as Uptober optimism was starting to fade,” QCP added. Bitcoin previously hit an all-time high near $73,000 in March, driven by a rally that followed a halving-driven shift in sentiment and the launch of spot Bitcoin exchange-traded funds.