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After a brief dip below the $60,000 level on October 10, Bitcoin (BTC) has regained momentum, approaching its all-time high (ATH) of $73,700, which it reached in March of this year.
This price recovery comes after significant fluctuations experienced by the largest cryptocurrency on the market throughout the year, with significant price swings, including sharp declines of almost 20% on August 5 and September 6.
Despite these setbacks, indicators indicate that the upward trend that investors expected during the last quarter of the year may still be on the horizon.
Cryptocurrency analyst Ali Martinez recently highlighted Bitcoin’s rebound just below the $66,000 level, stressing that if this level can be maintained in the coming days, there could be further gains.
Historical patterns suggest that Bitcoin could rise above $70,000
In a series of Supports On social media platform
The analyst noted that after four previous rejections at this level this year, Bitcoin’s repeated attempts to break this level could indicate an important turning point in the future. Price action.
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Martinez too Highlight Historical Pattern: Each of the last three times Bitcoin has successfully breached the 200-day moving average, it has resulted in parabolic upward moves.
This suggests that if Bitcoin can consolidate above this key level for the rest of the month, the likelihood of crossing the $70,000 mark for the first time in nearly three months increases significantly. Looking to the future, the analyst put The goal is $78,000 For Bitcoin in the near term.
Historical trends and election dynamics fuel optimism
Bloomberg recently highlighted the recovery in Bitcoin prices, link This has improved expectations about the US regulatory landscape for cryptocurrencies, especially in the wake of the upcoming presidential election.
Democratic candidate and Vice President, Kamala Harris, announced her commitment to creating a supportive regulatory framework for cryptocurrencies, in conjunction with outreach efforts targeting black male voters as Election Day approaches.
In contrast, Harris’ Republican challenger Donald Trump has positioned himself as a strong advocate for the digital assets industry, including promises to make changes to the US Securities and Exchange Commission (SEC) and create a Bitcoin reserve for the nation, which Bloomberg believes could resonate with voters in the US. Close race.
Noelle Acheson, author of the Crypto Is Macro Now newsletter, noted that recent market movements appear to be driven by the election. Initially, Bitcoin’s rise was influenced by Trump’s leadership Prediction markets And opinion polls.
This was followed by positive comments on cryptocurrencies from the Harris campaign, indicating a less restrictive approach compared to the current Biden administration. Although the details of Harris’ crypto policy remain unclear, sentiment points to a potential shift toward a more positive regulatory environment.
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Additionally, October has historically been a strong month for Bitcoin, with… Cryptocurrency Gain an average of 20% during this time over the past decade.
Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, noted that historical trends suggest that this seasonal strength is usually more pronounced in the second half of the month, suggesting that the BTC price may see further gains as the month progresses.
At the time of writing, Bitcoin is trading at $65,970, up over 5% on the 24-hour time frame.
Featured image of DALL-E, chart from TradingView.com