In what seems to be a broader crypto market rally, Bitcoin (BTC) and altcoins have recouped from the selling pressure while seeing a sharp bounce today.
Bitcoin (BTC) price showed signs of strength on Monday morning as it eyed a new all-time high amid a broader crypto market rally. BTC price surged past the $71,200 level, notching gains of 5.4%, with less than 5% left to propel the token to another record peak.
However, Bitcoin’s surge was seen to be largely driven by the upcoming US elections, with the Trump trade narrative gaining steam in both the stock and crypto markets. Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also recorded impressive gains of over 10%.
With the US elections now less than a week away, and Donald Trump narrowing the gap with Kamala Harris in the prediction markets, Bitcoin (BTC) price is set to post a new all-time high soon. According to Polymarket, Donald Trump currently has a 66.3% chance of winning the elections, with some traders even predicting a landslide victory for the former President.
This shows that Bitcoin is currently turning out to be a Trump trade. In a note to investors, Tony Sycamore, a market analyst at IG Australia Pty, wrote that the token drew strength from an overnight rally in stocks and is continuing to “price in a Donald Trump election victory”.
On the 5-month chart, the BTC price also showcases massive technical strength. According to veteran trader Peter Brandt, Bitcoin has now completed a five-month inverted expanding triangle pattern, which is now considered a bullish indicator.
As Bitcoin breaks this pattern, the follow-through will be crucial, said Brandt. He also noted that the sequence of lower highs and lower lows, which has been unfolding since March, seems to have ended. This shows that the post-halving rally may now be underway, with analysts expecting BTC to hit $80,000 by the end of November.
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