Bitcoin Correction Nearly Over as US Election Edges Closer

Bitcoin rises above $67K again amid U.S. election-driven optimism, as analyst says the latest minor correction is close to over.

Bitcoin’s recent uptick above $67,000 has triggered fresh investor interest, positioning BTC near the $70,000 threshold. Notably, a market watcher suggests that Bitcoin’s upward trend aligns with macroeconomic events expected to unfold, including the start of a critical election period.

Bitcoin’s Correction Almost Over

Michaël van de Poppe, a crypto analyst, confirmed that Bitcoin briefly dipped to the $65,000 range before reversing upward. He indicated that the current minor price correction may be ending. 

Indeed, #Bitcoin dropped to the $65K area and quickly reversed upwards.

I think that this small correction is close to over.

Macroeconomic period starts, including the Elections.

Time to see those Yields drop & Crypto flourish.

— Michaël van de Poppe (@CryptoMichNL) October 23, 2024

Notably, the upcoming U.S. elections are likely to influence market conditions, potentially driving interest in digital assets. The analyst also noted the possibility of declining yields, which could bolster the broader crypto market. As Bitcoin’s price hovers around $67,000, investor sentiment appears cautiously optimistic.

Uptober Not Yet Over

Adding to the optimism, October, historically dubbed “Uptober” due to consistent gains, is delivering moderate growth this year. Bitcoin’s price has increased by 7.21% so far, which remains below the historical average of 22.59%, according to data from Coinglass, as cited by an analyst on X.

The median gain for October stands at 21.20%. Previous strong Octobers, such as 2021’s 39.93% gain and 2017’s 47.81% rise, highlight potential for more upside this month if historical patterns hold. With more than a week left in October, further gains could still emerge if the market aligns with past performance.

November and Long-Term Projections

Looking ahead, historical trends suggest that November could be another strong month for Bitcoin. The cryptocurrency has an average return of 46.81% in November, with a median gain of 8.81%, adding to the positive sentiment. 

Meanwhile, analysts at Bernstein maintain a long-term bullish stance on Bitcoin, forecasting a target of $200,000 by 2025. Bernstein’s crypto lead, Gautam Chhugani, cited Bitcoin’s potential as a “store of value” amid economic uncertainties, such as the rising U.S. national debt and inflation risks.

For investors seeking indirect exposure, notable options include companies like MicroStrategy, Robinhood, and U.S.-listed Bitcoin mining firms like Riot Platforms and CleanSpark, which are expanding their resources to support operations.