Bitcoin’s price has been on a significant rise this year, climbing to an all time high during the much-anticipated Bitcoin halving event in April 2024. This led to the price of Bitcoin hitting over $70k , as halving cycles tend to lead to upward price momentum due to the reduced supply of new Bitcoin entering the market. Now, with Bitcoin surpassing $69,000 in October, market analysts and crypto enthusiasts alike are speculating whether it could break the $70,000 mark again in November.
U.S. Election’s Influence of Bitcoin
One major event on the horizon that might drive such momentum is the upcoming U.S. election. As November’s U.S. election draws near, political factors are expected to influence Bitcoin’s price. According to recent reports, Trump has expressed strong support for policies that benefit cryptocurrency by reducing regulatory barriers and fostering crypto mining. Trump has voiced intentions to make the U.S. a leader in crypto which likely improve market sentiment and increase the probability of a price surge if Trump secures the presidency.
Institutional Investment and ETF Inflows
Over the past month, Bitcoin ETFs have seen a surge in institutional inflows, with around $2 billion added to these funds recently. The approval of spot Bitcoin ETFs on the New York Stock Exchange (NYSE) and Cboe opens new investment avenues, which can lead to increased demand and liquidity. As institutional players expand their Bitcoin holdings, this added investment can create a positive feedback loop, potentially driving up prices.
Conclusion
Many analysts believe that Bitcoin is on track to potentially reach $70,000 in November. No matter the outcome of the presidential election, the political implications of cryptocurrency will likely remain a key topic in future campaigns. With significant investments pouring into crypto ETFs, there’s a growing need for thorough regulatory scrutiny. As the crypto landscape evolves, discussions around its governance and regulation will continue to be pivotal for both policymakers and investors.