Bitcoin Surges Towards $70K Ahead of US Elections! Analysts Assess Its Potential for Success
Bitcoin experienced a rise in price, reaching $69,500 in the morning hours and now pushing towards the critical level of $70,000. This surge is believed to be connected to the US presidential election, particularly as former President Donald Trump’s chances of winning increase.
Analysts have highlighted the significance of the $70,000 level, as it represents a psychological resistance point for Bitcoin, especially considering its proximity to its all-time high. Min Jung, an analyst at Presto Research, emphasized the importance of this level.
The US elections and the potential for Trump’s victory are seen as crucial factors influencing Bitcoin’s price. David Lawant, the head of FalconX research, pointed out that the rising probability of Trump’s victory has contributed to the increase in Bitcoin’s value. Lawant also noted that the approaching Election Day will likely lead to more market focus on this critical event and increased engagement with election news and outcomes. The fact that cryptocurrency has become a mainstream political issue is also impacting a wider audience.
Augustine Fan from SOFA further emphasized the correlation between the US elections and the price of Bitcoin. Fan explained that the most positive outcome for cryptocurrencies would be if Trump wins the election and Republicans secure victories in the House of Representatives and Senate. This scenario would increase the likelihood of Trump and Vance’s digital asset reform plans being approved by Congress.
According to the current situation in Polymarket, Trump has a 61.3% chance of winning the presidential race, while Vice President Kamala Harris has a 38.8% chance. It is important to note that this article does not provide investment advice.
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