As the 2024 U.S. presidential election draws closer, Bitcoin continues to show strong upward momentum. On Monday morning during European trading hours, the cryptocurrency briefly soared to a high of $69,227, signaling a potential breakthrough for investors.
Bitcoin’s Rise Driven by US Elections, Analysts Say
Analysts attribute this bullish sentiment largely to the political landscape, with Bitcoin inching closer to the pivotal $70,000 threshold. Avinash Shekhar, Co-founder and CEO of Pi42, highlighted that Bitcoin’s current trading price of $68,700 is influenced by several factors, including Vice President Kamala Harris’s vocal support for cryptocurrency and former President Donald Trump’s favorable reelection odds, currently estimated at 60%.
“Bitcoin is approaching a critical resistance level of $70,000,” Shekhar noted. “The combination of political support for crypto, low interest rates, and reduced geopolitical tensions is driving this momentum.” He pointed out that while bulls are setting their sights on the $72,000 target, bears are preparing to defend against any declines below $66,500.
In a recent report, Bernstein also emphasized the connection between Trump’s rising odds and Bitcoin’s performance. The analysts observed that market participants are increasingly adopting a “risk-on” strategy, interpreting the political developments as favorable for cryptocurrencies.
“Bitcoin is attempting to break through the $70,000 resistance once again,” the report stated. “Like other risk-on assets, it is viewing the rising odds of a Trump reelection as a bullish signal for the crypto market.”
