The price of Bitcoin (BTC) could rise to an all-time high soon, but there is a problem

TL;DR

Bitcoin recently rose to nearly $68,000, and analysts are predicting a potential rally to $86,000 to $90,000 if some resistance is broken. Some believe that BTC could reach $100,000 if Donald Trump wins the upcoming US election, due to his pro-crypto stance.

How high can BTC go?

Bitcoin (BTC) has been on a tear lately, with its price hitting a 10-week high of nearly $68,000 on October 15. In the following hours, it experienced further volatility to stabilize at the current $67,700 (according to CoinGecko data).

BTC Price, Source: CoinGecko

The impressive resurgence caught the attention of many industry participants, some of whom claimed that ‘Uptober’ is finally here. One popular analyst who chimed in is X user Ali Martinez.

He believes BTC could explode to a new all-time high of around $86,600 if it breaks the $67,400 resistance mark. As mentioned above, the valuation of the asset is currently trading above the level represented.

Captain Faibik is another analyst who intervened. User X presented a price chart showing that as of now BTC is testing “crucial resistance” around $68,000 for the sixth time.

“If Bitcoin successfully breaks out of the widening wedge to the upside, the target would be around 88K-90K,” the analyst stated.

More uploads next month?

Several market watchers think November could also be a very successful month for BTC, assuming Donald Trump wins the US presidential election (scheduled for November 5). A popular X user who believes the asset’s valuation will soar to the coveted $100,000 if this is the case is Crypto Rover.

If Trump wins, #Bitcoin it goes to $100,000! pic.twitter.com/HKo2HTQ0U9

— Crypto Rover (@rovercrc) October 16, 2024

Remember that Trump made a U-turn in recent months, presenting himself as the right choice for pro-crypto voters and promising to let the industry thrive if he entered the White House as the winner.

According to Polymarket, he has a nearly 60% chance of victory compared to 40.8% for his Democratic opponent, Kamala Harris. National polls, however, indicate that the Republican is currently the underdog at 46.1%, while Harris has the support of 48.5% of voters.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!