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Bitcoin is on the verge of breaking the $70,000 barrier as investors closely monitor the US presidential elections in two weeks.
Bitcoin Nears $70,000 as US Presidential Election Approaches
“The $70,000 mark represents a key psychological resistance point that lines up closely with Bitcoin’s all-time high set above $73,700 in March this year,” said Min Jung, an analyst at Presto Research.
The upcoming November 5 presidential election is drawing attention to Bitcoin, which has become a mainstream political issue. “This is the first time crypto has entered the political conversation and gained the attention of a wider audience,” said David Lawant, Director of Research at FalconX.
With the possibility of Donald Trump winning and the upward momentum increasing, the election results are of great interest to the crypto industry.
While his opponent Kamala Harris has recently expressed support for crypto-related policies, Trump has historically been closely involved with and expressed support for Web3 sectors, including Bitcoin mining, decentralized finance, and non-fungible tokens (NFTs).
Data from Polymarket, a prediction market platform, shows Trump leading Harris by 21% with a 60% chance of victory.
However, FiveThirtyEight’s national polling aggregate shows Harris holding a slim 1.8% lead, although her margin has narrowed from 3.1% in early September.
“The most positive outcome for the crypto market would be a Trump victory alongside a Republican sweep in Congress,” said Augustine Fan, head of insights at SOFA.org.
Fan believes that such an outcome would increase the likelihood of passing crypto-friendly legislation, including the Trump-Vance-endorsed digital asset reform plans.
Following the presidential election, another important macroeconomic event will occur: the US Federal Open Market Committee (FOMC) meeting. According to CME Group’s FedWatch tool, the probability of a 25 basis point rate cut during the meeting is 94.4%.
“If Trump’s momentum continues and the Fed takes a more dovish stance, Bitcoin could gain more traction,” Jung said, hinting that Bitcoin could experience renewed momentum in the weeks following the election and the FOMC meeting.
With Bitcoin approaching the $70,000 mark, the confluence of political and economic developments could play a critical role in determining whether it reaches a new all-time high in the coming weeks.
*This is not investment advice.