As a researcher with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. The recent surge of Bitcoin to nearly $68,000 has certainly piqued my interest, especially given the predictions of potential further increases.
TL;DR
- Bitcoin recently surged to nearly $68,000, with analysts predicting a potential rise to $86,000-$90,000 if certain resistance is broken.
- Some believe BTC could hit $100,000 if Donald Trump wins the upcoming US election, due to his pro-crypto stance.
How High Can BTC Go?
Recently, Bitcoin (BTC) has been surging, reaching a peak of nearly $68,000 over the past 10 weeks on October 15. However, in the hours that followed, it displayed increased volatility before settling at its current price of around $67,700, according to data from CoinGecko.
Many people in the industry have taken notice of this impressive comeback, with some declaring that “Uptober” has arrived at last. Among those offering insights is the analyst X’s user, Ali Martinez.
He thinks that if Bitcoin (BTC) manages to surpass the $67,400 resistance point, it could potentially reach a new peak of approximately $86,600. It’s important to note that at present, the value of the asset is already above the shown level.
Captain Faibik, another analyst, offered his insights. The user from group X displayed a graph indicating that currently, Bitcoin is attempting to break through a “significant resistance” approximately at the $68,000 mark for the sixth occasion.
If Bitcoin manages to surge past its current broadening wedge pattern towards higher prices, the predicted range for its potential reach could be approximately 88,000 – 90,000 dollars, according to the analyst.
More Surges Next Month?
Several market analysts believe that November could potentially see significant success for Bitcoin, given the possibility of Donald Trump winning the U.S. presidential elections on November 3rd. One such enthusiast who predicts the asset’s value could reach the ambitious $100,000 mark if this happens is known as Crypto Rover within the X community.
If Trump wins, #Bitcoin is going to $100k!
— Crypto Rover (@rovercrc) October 16, 2024
Recall that Trump made a U-turn in the past several months, presenting himself as the right choice for pro-crypto voters and promising to let the industry thrive should he enter the White House as a winner.
As per Polymarket’s prediction, he stands about a 60% chance of winning against Kamala Harris from the Democratic party, whereas she has approximately a 40.8% chance. However, national polls suggest that the Republican is trailing behind with 46.1% support, while Harris garners 48.5% of voter approval at this time.
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2024-10-16 15:10