Leading cryptocurrency analysis firm QCP Capital reports that Bitcoin’s recent surge toward $69,000 reflects growing market confidence in a potential Trump presidency, with just two weeks until the U.S. elections.
There Are Numerous Factors That Could Affect Bitcoin Price In The Next Few Weeks
According to QCP Capital’s latest market analysis, Trump has extended his lead over Kamala Harris in betting markets, with key swing states showing Republican advantages. Markets are adjusting to this political shift, with discussions of increased tariffs and tax reductions driving up both the U.S. dollar and bond yields.
The cryptocurrency market has shown significant strength, with Bitcoin futures open interest reaching a record $40.5 billion across exchanges. Meanwhile, the S&P 500 continues pushing toward all-time highs, and U.S. 2-year Treasury yields have exceeded 4%.
“Given Trump’s more crypto-friendly stance, it’s no surprise that BTC is trading higher,” noted QCP Capital in their statement. The firm also highlighted that markets are currently pricing in 1.5 rate cuts for 2024, influenced by a robust labor market and optimistic U.S. growth prospects.
The upcoming Non-Farm Payroll (NFP) report, scheduled for next Friday, is expected to be crucial in determining the Federal Reserve’s next moves on interest rates. QCP Capital maintains a positive outlook for both Bitcoin and Ethereum ahead of this key economic data and the elections.
