Bitcoin ‘Uptober’ in play ahead of US election

According to QCP Capital, Bitcoin’s jump to $65,000 after a weak start to October could catalyze historic gains throughout the month.

Analysts from the crypto trading firm said on its Telegram channel that Bitcoin’s (BTC) 4% price increase on October 14 could signal a rally for the leading cryptocurrency in the second half of the month. The overall crypto market rally liquidated nearly $80 million in BTC and Ethereum (ETH) benefited from short positions, easing the bearish trend on these two market leaders and the broader digital asset space.

QCP experts also noted that BTC’s pump came three weeks before the November US presidential election. Trading data showed that BTC recorded similar price patterns on two previous occasions. Bitcoin doubled in value as of January 2017 after starting its price rise in October, just before the 2016 election. Like this year, BTC remained in range for months before the regime change in America.

24-hour BTC price chart, October 14 | Source: crypto.news

In 2020, less than a month before the presidential election, Bitcoin nearly tripled in value, rising from around $11,000 to over $42,000 by the first quarter of 2021.

If history repeats itself and Bitcoin’s bull market revives following the US election, BTC’s value could reach or exceed $120,000 by early 2025. A base case in which the price of BTC doubles would also increase the market cap of the token to well above $2 trillion, which would be a major milestone for Bitcoin. flagship cryptocurrency.

QCP Capital analysts say Mt. He added that Gox’s updated repayment plan could support BTC’s bullish outlook. Last week, the defunct BTC exchange postponed the date of repayment to creditors to October 2025. According to crypto.news, BTC buying activity also halted the selling pressure on many digital asset exchanges.

Uptober has been pretty disappointing so far; BTC is only up +1.2% compared to +21% on average. After months of trading this range, will history repeat itself? Today’s rally has certainly given the market a glimmer of hope as Uptober’s optimism fades.

QCP Capital