Bitcoin price rally towards $70,000 escalated on Monday morning in Asia, with the rate touching $69,450 before pulling back. Media sources have noted that the imminent U.S. presidential election will likely affect the crypto market in the next couple of weeks. Min Jung of Presto Research commented on this suggesting, “The $70000 mark is a very important psychologic barrier, it being close to Bitcoins actual high.” In January this year Bitcoin had surpassed $73,700 as its highest point.
Poll Anxiety Boosts Bitcoin Price Higher
Since the US presidential election is scheduled for November 5, market analysts are closely watching the consequences for the crypto-sphere. People believe the final decision in the election will go a long way in determining the market, especially for Bitcoin price.
According to David Lawant, Head of Research at FalconX, the role of politics in crypto is expanding. “Crypto has gotten to the heart of American political discourse for the first time,” Lawant added, underscoring that digital assets are no longer a sideshow.
Bitcoin current price boom can also be credited to growing optimism of the investors on republican victory. Ex-President of the United States Donald Trump, a frequent advocate of Bitcoin and other cryptocurrencies, is slowly coming back into play in polls, with some of the political scientists predicting a relative success. Trump has been a supporter of digital asset liberalization and this may work in favor of more BTC usage.
A poll based on the Ethereum platform Polymarket suggested Trump foreseeably winning against Kamala Harris with 21 % ahead of her or offering a 60% possibility of victory. However, conventional survey results of FiveThirtyEight reveal Harris with 48.2%, though the percentage difference between the two has been continually decreasing over the last weeks.
Impact of Trump’s Crypto Stance
If Trump wins the next election, his government is likely to put in place policies that are friendly to the Bitcoin price and other cryptocurrencies markets. Indeed, Trump has endorsed decentralized finance or DeFi, Bitcoin mining, and non-fungible tokens or NFTs. For these policies to provide the right environment for growth of Bitcoin price, they must be implemented together with a Republican controlled Congress.
“The best-case scenario for crypto would be Trump’s victory with House of Representatives and Senate under Republican control, so there would be more chances that Trump and Vance’s supporting digital asset reform agendas would have reasonable prospects to become law.”
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However, the political situation has not been cleared, and the results can turn either way. Using Kamala Harris as the Democrats’ leader, their win brings a different regulatory plan that favours more scrutiny and regulatory actions against the digital asset industry. While Harris has expressed some favourable stances regarding cryptocurrencies, her administration most likely would place greater emphasis on customer protectionism and even increased regulatory severity.
Nevertheless, Bitcoin traders are still rallying the cryptocurrency towards $70,000 border through expectation whether elections or volatile market environments.
Bitcoin’s Momentum Amid Economic Decisions
In addition to the presidential election, another crucial event is set to take place shortly after: the U.S. Federal Open Market Committee (FOMC) meeting. Per the FedWatch Tool developed by CME Group, the meeting has a 94.4% probability of leading to a 25 basis point interest rate cut, which may chase the Bitcoin price volatility.
Experts are convinced that it is necessary to return Bitcoin to the price above $70,000 — and to achieve this, Quantstudio cites forecasts that a dovish turn by the Federal Reserve, especially against the backdrop of political processes, will help the BTC market. For instance, Min Jung of Presto Research said, “If Trump persists and the Fed points to being less aggressive, then we could see the Bitcoin rally take place in the weeks following these incidents.”
The fluctuating market of cryptocurrency is influenced by many factors including the US presidential election and FOMC meeting. As we are getting closer to the election day, which is a few weeks away, the main valuation of Bitcoin is still likely dependent on political and macroeconomic factors.
Conclusion: Bitcoin’s Path Forward
As the United States gears up for the presidential election, Bitcoin’s close proximity to the 70k figure is more than interesting to investors. Taking into account that political results matter more and more in the market mood, the further weeks may determine the further fate of Bitcoin price. Whether the cryptocurrency would touch $70,000 or not largely dependents on the election results and the decisions being taken by the Federal Reserve.
With more and more uncertainty influencing the market’s future, people will be paying attention to the next steps that Bitcoin is going to take. Keep following TheBITJournal and keep an eye on Bitcoin price.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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