24 October 2024
Despite the Bitcoin price consolidating between $65,000 and $68,000 over the past few days, analysts are increasingly optimistic about the potential for upward movement and new all-time highs for the largest cryptocurrency on the market in the coming months.
Bitcoin Surge Regardless Of US Election Outcome
In a recent social media post on X (formerly Twitter), market expert Timothy Peterson highlighted a basic trendline for the period 2023-2024, suggesting that current price behavior mirrors previous uptrend patterns.
In his analysis, Peterson asserts that a move just above this trend could see Bitcoin reaching $100,000 within the next 90 days, a prediction he considers entirely reasonable.
Peterson’s analysis indicates that a conservative estimate places Bitcoin at this milestone by February, regardless of the outcome of the upcoming US elections, which could also have a notable impact on BTC’s price performance.
The expert also noted that BTC does not appear to be overvalued, making a drop below $60,000 increasingly unlikely, especially as the $66,000 support level has prevented a further correction over the past week.
Crypto analyst Rekt Capital, has also expressed bullish sentiments, stating that Bitcoin is positioned for a strong weekly close above critical support levels.
The recent retest of the key $66,000 support proved successful, with BTC rising to the $68,000 mark in Thursday’s trading session, coinciding with significant regulatory developments in the US.
BTC Price Spikes 2.5% Following Legislative Advances
As reported by Bitcoinist, the Pennsylvania House of Representatives recently passed the ‘Bitcoin Rights’ bill, aimed at safeguarding individuals’ rights to self-custody their digital assets, affirming their ability to use Bitcoin for payments, and establishing clear taxation guidelines for Bitcoin transactions.
Dennis Porter, founder of the Satoshi Action Fund, emphasized the importance of this legislation in shaping the political landscape as the country approaches the 2024 elections.
Announcing the news, Porter noted that BTC adoption is growing, creating a motivated voter base eager for political allies who champion financial freedom and innovation. He believes that this voter base crosses traditional party lines, appealing to those who prioritize economic autonomy, technological advancement and digital privacy.
Porter also pointed out that Bitcoin serves as a potential escape from Central Bank Digital Currencies (CBDCs), resonating with many voters who feel strongly about financial sovereignty and resistance to centralization.
With just 12 days until what is being dubbed by Dennis as the most significant Bitcoin election in recent history, he urged both Donald Trump and Kamala Harris to leverage their influence within their respective parties to ensure the smooth passage of the ‘Bitcoin Rights’ bill.
In light of these developments, Bitcoin has experienced a 2.5% surge in price over the past 24 hours, accompanied by a notable 10% increase in trading volume, which has reached nearly $33 billion.
Featured image from DALL-E, chart from TradingView.com