Bitcoin Floats Higher: Will The US Election Trigger A BTC Rally To $70,000?

Bitcoin is on a recovery path, two weeks after a rough start in October. Although traders expect more, the current state of price action points to strength. Considering the often strong historical performance in October, any uptick today could form a base for a strong leg up. Traders are watching $64,000, but if prices remain above this level by the end of the day and the coin rally to $66,000, it will be a shot in the arm of buyers. In the short term, traders should also watch how prices react at the support band at around $58,000 and $60,000. If prices are rejected from this zone, Bitcoin will be firmly supported.

As it is, Bitcoin is firm. After the upswing on Friday, the follow-through on Saturday before the dump on Sunday offers an opportunity for traders to consider their positions. Amid this, the average trading volume is still low, at around $25 billion over the last trading day.

The following Bitcoin news events are worth watching:

• Although prices are firm at press time, one analyst thinks the uptrend remains. As it is, for the coin to trend higher, there must be a strong, high volume close above $64,500. If this happens, BTC can easily float above $70,000 in a buy trend continuation formation.
• With roughly three weeks before the United States General Election, analysts think the outcome will trigger a massive Bitcoin rally. There are predictions that BTC can easily reach $120,000 if Donald Trump wins.

Bitcoin Price Analysis

BTC/USD is firm at press time.

Even though Bitcoin is up 8% from October lows, buyers must stay above $64,000 by the end of the day. This move higher will reverse the losses of October 1, perhaps setting the base for another leg up above $66,000.

For now, risk-off traders can stay on the sidelines.

Meanwhile, risk-on traders can load the dip, aligning with the gains of September. Their first target will be $66,000 and, later, $70,000.

However, if there are unexpected losses forcing the coin below October lows, BTC can easily crater to $50,000.

ABOUT THE AUTHOR See More

Dalmas Ngetich

Technical Analyst and News Reporter

Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.

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