Bitcoin rises to $66k amid ‘Uptober’ sentiment.

For the first time in three weeks, the price of Bitcoin has reached above $66,000. Cypto analysts at QCP say ‘Uptober' and US election sentiment could boost bulls.

Monday, October 14, 2024 Bitcoin (BTC) rose more than 6% to over $66,000 as most cryptocurrencies posted 24-hour gains.

According to data from CoinGecko, the price of BTC has reached $66,173 on major crypto exchanges.

It reached $66,296 on Coinbase. The gains came as the major cryptocurrency emerged from the uncertainties seen last week, with Bitcoin bulls seeing a 4% reversal in weekly price performance.

Bitcoin was trading around $65,959 on Coinbase at the time of writing, suggesting that it may continue amid gains in the S&P 500. The issue of China's stimulus package also weighed on trader sentiment. In the crypto market, a general “Uptober” feeling seems to have kicked in as altcoins surge.

Bitcoin is on the rise ahead of the US election.

Singapore-based QCP Capital's forecast for BTC suggests that BTC is showing price trajectories that mirror previous US election cycles.

If this trend continues, bitcoin bulls may target further gains ahead of the November election.

Although there could be many factors explaining today's action, looking at historical price action it's an interesting time. We are in the middle of October and only three weeks away from the US elections,” QCP said in an update on Telegram.

In the year The trend in 2016 is that Bitcoin rose from around $600 in early January to $600 in three weeks. It happened again in 2020, with BTC rising from $11k around mid-October to hit $42k in January 2021.

“After months of trading in the region, will history repeat itself? Today's rally has certainly given the market a glimmer of hope as Uptober optimism fades.” QCP added in the memo.

Bitcoin hit a high of $73,000 in March, a rally that came amid sentiment around a halving and the launch of Bitcoin exchange-traded funds.