Bitcoin (BTC) Price May Soar to an All-Time High Soon, But There’s a Catch
TL;DR
- Bitcoin recently surged to nearly $68,000, with analysts predicting a potential rise to $86,000-$90,000 if certain resistance is broken.
- Some believe BTC could hit $100,000 if Donald Trump wins the upcoming US election, due to his pro-crypto stance.
How High Can BTC Go?
Bitcoin (BTC) has been on a tear lately, with its price tapping a 10-week high of almost $68,000 on October 15. In the following hours, it experienced enhanced volatility to stabilize to its current $67,700 (per CoinGecko’s data).
The impressive resurgence caught the eye of many industry participants, some of whom claimed that “Uptober” is finally here. One popular analyst who chipped in is the X user Ali Martinez.
He believes BTC could explode to a new all-time high of around $86,600 should it break the $67,400 resistance mark. As mentioned above, the asset’s valuation currently trades above the depicted level.
Captain Faibik is another analyst who weighed in. The X user presented a price chart showing that as of the moment BTC is testing a “crucial resistance” of around $68K for the sixth time.
“If Bitcoin successfully breaks out of the Broadening wedge to the upside, the target would be around 88K-90K,” the analyst claimed.
More Surges Next Month?
Multiple market observers think November could also be a highly successful month for BTC, assuming Donald Trump wins America’s presidential elections (scheduled for November 5). One popular X user who believes the asset’s valuation will skyrocket to the coveted $100,000 if that is the case is Crypto Rover.
If Trump wins, #Bitcoin is going to $100k! pic.twitter.com/HKo2HTQ0U9
— Crypto Rover (@rovercrc) October 16, 2024
Recall that Trump made a U-turn in the past several months, presenting himself as the right choice for pro-crypto voters and promising to let the industry thrive should he enter the White House as a winner.
According to Polymarket, he has a nearly 60% chance to emerge victorious versus 40.8% for his opponent from the Democratic party – Kamala Harris. National polls, though, indicate that the Republican is currently the underdog with 46.1%, while Harris collects the support of 48.5% of the voters.
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