Bitcoin (BTC) is currently trading near $69,139, reflecting a year-to-date increase of approximately 70%. The cryptocurrency has experienced a 5% decline since reaching a local high of $73,620 on October 29. This pullback positions BTC just below its all-time high of $73,949, with market participants closely monitoring the upcoming U.S. presidential election on November 5.
Analysts suggest that the election outcome could significantly influence Bitcoin’s trajectory. A victory for former President Donald Trump is anticipated to boost Bitcoin, potentially propelling it to new highs. Standard Chartered forecasts that a Trump win could drive BTC to $80,000 shortly after the election, with a year-end target of $125,000. Conversely, a win for Vice President Kamala Harris might introduce short-term volatility, though Bitcoin is still expected to perform well in the long term.
In the lead-up to the election, Bitcoin’s price is expected to remain relatively stable, with significant movements likely hinging on the election’s outcome and subsequent policy directions. Investors are advised to stay vigilant, as the post-election period could present both opportunities and risks in the cryptocurrency market.
