Bitcoin’s price surged to over $70,000 on Thursday, fueled by optimism surrounding the leading cryptocurrency as the 2024 presidential election approaches.
Market analysts are hopeful that Bitcoin could surpass its all-time high of $73,737, recorded in March. Some projections even suggest it may exceed $200,000 later this year. Crypto analysts highlight a historical pattern where Bitcoin’s price typically experiences a significant increase between 500 to 550 days following its halving, an event that occurs every four years. The most recent halving took place in April 2024. “Currently, Bitcoin is approximately 200 days post-halving, and based on the previous three cycles, technical experts anticipate prices to peak around 550 days after the event, with some predicting values could surpass $200,000,” said Chris Kline, co-founder of BitcoinIRA, in an interview with TheStreet Crypto.
The outcome of the 2024 election is expected to influence cryptocurrency policy, regardless of which party’s nominee wins. Both Democratic and Republican candidates have indicated their willingness to engage with the digital asset industry to foster innovation domestically.
The Bitcoin halving event reduces mining rewards, thereby increasing the asset’s scarcity, which has contributed to the rising prices of both Bitcoin and gold. This trend supports the notion that fundamental economic principles of supply and demand are driving the market. Investors are increasingly turning to both assets as stores of value amid economic uncertainty. “Investors are clearly voting with their wallets, as evidenced by both Bitcoin and gold reaching new all-time highs this week,” Kline remarked. “The current election buzz only amplifies the fundamental supply and demand dynamics established by the halving mechanism.”
On Tuesday, Bitcoin’s price jumped past $72,000, raising expectations that it could soon reach its previous all-time high of $73,737.
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