Bitcoin price approaches the big $66k on Monday, October 14, amid the US presidential election. This upward movement is seen as both presidential candidates in the United States publically endorse the currency as a form of payment, a clear bullish indicator.
Crypto sources report that this virtual currency is now over 5% up for the day as it gets a positive response from the opening of the US market and many traders are expecting more gains as we get closer to the election. The next critical level that Bitcoin needs to overcome to affirm its bullish trend is $66,894.
The Bitcoin Price Print $66,000 as the US Election Looms
The surge in the price of Bitcoin to $66,000 is closely linked to the forthcoming US presidential elections. This has been further boosted by recent pro-crypto statements by both current Vice President Kamala Harris and former President Donald Trump.
Vice President Harris recently unveiled a framework, which was to regulate crypto that aimed at protecting the investors especially the black men many of which are investors. “We have to make sure that the public gets all the positives with digital assets and consumers protected,” she said during an economic forum last week.
The currently outspoken ex-President Trump has supported crypto and elaborated once more on his desire to turn the United States into the global crypto and Bitcoin hub. This initially shocked some political analysts; however, Trump’s endorsement has made him a more pro-crypto candidate since then.
Harris’s and Trump’s supportive stances toward cryptocurrency are groundbreaking in the political context, and now the U.S. election has become a potentially positive event for Bitcoin. Neither of the major candidates has ever displayed as optimistic judgment concerning the crypto industry.
Analysts Predict Further Bitcoin Gains as Uptober Charging Up
Bears are keen on the next Bitcoin price in sight, which is $66,894. Historical trading channels suggest much more might be gained if this level is breached in the upcoming weeks.
Senior Crypto analyst at the Crypto media news, John Matthews noted, “This upward trajectory, particularly in the period known as Uptober, indicates that Bitcoin might hit new highs before the close of the year.” Uptober comes from the trading slang, which means that the price trends in October are mainly upward in the cryptocurrency market.
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Most think that political blessings coupled with good signals of Uptober gaining momentum in the market may lead to further increases in Bitcoin price value. They are now concentrating on next week’s debate on the US presidency, which, at some want, could again lead to a change in the Bitcoin price.
Currently, there is an exceptionally optimistic tone in the cryptocurrency market, and the choice of the main factors determining the further movement of the Bitcoin price is extremely limited; the U.S. elections are one of the few options. However, if the cryptocurrency manages to overcome the $66,894 high, experts anticipate an even faster march to $70,000.
Election Endorsements Signal Positive Future for Crypto
Vice President Kamala Harris emphasized her stance on cryptocurrency during her recent visit to Mexico while former President Trump has submitted his to support the currency. Harris’s concerns for consumers and explaining regulations are helping the industry move to the mainstream, while Trump’s vision for the nation as a crypto hub fits into his larger economic plan.
The fact that both candidates adopted the stance supporting the use of cryptocurrency cannot be overstated. It opens a new chapter in political relations to digital assets and this could be followed by proper legal regulation. Traditionally the crypto sector has had a lot of question marks around its legal status but with both main contenders supporting Bitcoin the future has never been brighter.
“If Harris wins or Trump wins, there is a positive outlook for cryptocurrencies in 2025,” according to Jane Wilcox, an economist who is particularly interested in financial digital information. She also went on to say that “such political unity is rare and may create a paradigm shift towards quicker crypto integration in various states across America.”
Being that both candidates will again face each other in the debate before the voting, the market awaits to see how their crypto policies will be in the larger stage.
Bitcoin Price looks set to continue higher ahead of the election.
The surge in Bitcoin price to $66,000 following the rush of the US election shows that there is political backing for cryptocurrency. As of today, both Kamala Harris and Donald Trump have embraced Bitcoin, and the market expects more growth in the coming weeks. Experts expect the digital currency to reach $66,894 in the near future, with the possibility of climbing to $70,000 based on the outcome of the election.
When traders are enthusiastic about uptober and the bitcoin, there is a potential for the next major event to impact the market could be the presidential debate. So far the prospects for bitcoin are good; political support is driving the cryptocurrency up the markets hitting new peaks. Stay connected with TheBITJournal to keep an eye on Bitcoin price.
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