Bitcoin (BTC) Price Breaks $71,000 as Election Day Nears, Will the Bull Run Continue?

Bitcoin broke past $71,000 Tuesday morning to lead other major altcoins into a bullish trend a week before the US elections.

Bitcoin price surged past $71,000 on Tuesday morning, leading major altcoins in a bullish trend a week before the US elections.

Bitcoin price hit $71,075 after dipping last week.

Bitcoin price surged to hit $71,000 on Tuesday morning. The first crypto by market cap led other major altcoins in a bullish trend ahead of the US presidential elections. Tracking from CoinGecko shows BTC touched $71,075 after dipping last week over rumors circulating about a possible investigation on Tether and the Middle Eastern conflict.

Experts, industry watchers, and traders say the recent Bitcoin breakout is linked to increased inflows into Bitcoin ETFs and the excitement over the November 4 US presidential elections favoring the crypto industry. Despite Bitcoin’s erratic price movements in the last few days, Bitcoin currently rides on a bullish sentiment.

Bitcoin Price Surges Past $71,000, DOGE Jumps 15% Ahead Of US ElectionsBitcoin price had a rough time last week as it dipped below $66,000 but quickly recovered and consolidated in the $67,0000 to $68,000 range over the weekend. Then, it broke out and hit $71,075, its best performance over the last four months. According to CoinGecko, Bitcoin’s latest price movement this Tuesday is backed by $51 billion in trading volume, double the amount generated on Monday.

Observers like Peter Brandt said that Bitcoin’s latest price action reflects a new bullish phase post-halving. In a Twitter post, the seasoned trader shared that Bitcoin has completed its “inverted expanding pyramid” and that the next follow-through is critical. Continuing, Brandt explained that this could be Bitcoin’s post-halving run.

Fresh All Time High in sight for Bitcoin. Primary Expanding Pyramid Inverted now completing & follow thru will be critical juncture for next directional move. This could be the post halving run. Stay tuned.

— Peter Brandt (@PeterLBrandt) November 2, 2024

Trades From BTC Whales, Inflows Into ETFs Boost Market

Bitcoin’s recent price surge is attributed to increased trades from Bitcoin whales and inflows into ETFs. According to Mignolet from CryptoQuant, recent buying can be attributed to whales on Binance, who appear to be the net Bitcoin buyers during the Asian trading hours.

Whales are buying from Binance. Binance traders were net Bitcoin sellers for most of last week. But on Monday and Tuesday morning in Asia, they turned into net buyers. Binance traders are now net buyers for 2 out of the last 3 hours of trading.

— Mignolet ⌐◨-◨ (@mignoletcrypto) November 2, 2024

Also, trading for the Bitcoin ETFs has primarily contributed to the higher-than-usual trading volume. These funds added a net inflow of over 47,000 Bitcoins over two weeks. Aside from Bitcoin, other major altcoins also joined the surge. Dogecoin, for example, increased by 15% due to Trump’s popularity. Then, there’s Shiba Inu (SHIB), which jumped by 8%, Ether (ETH) by 4.9%, and Cardano’s ADA improved by 3%.

Bigger Highs Next?

For many experienced traders, Tuesday’s big jump sets the tone ahead of November’s US elections. Both traders and crypto supporters expect Bitcoin to sustain its gains or even hit new highs regardless of the outcome of the presidential elections.

Traders have long favored and anticipated that Donald Trump will win the elections. For many, a Trump win is a bullish catalyst for Bitcoin since he boasts a few pro-crypto policies. It also helps that Trump gets the backing of Elon Musk, a vocal supporter of Bitcoin and blockchain technology. The Democrats, on the other hand, have not made specific policies but plans to introduce regulations in the industry.

Even financial analysts contribute their opinions and projections ahead of the US elections. According to some analysts at Standard Chartered, Bitcoin may hit $73,000 by November 5th. If Trump wins, they predict the price to hit $80,000 or even up to $125,000 before the year ends, especially if the Republicans win Congress.

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