Matthew Sigel, Head of Digital Assets Research at VanEck, commented on Bitcoin’s current trajectory, likening it to the bullish patterns observed in 2020. He noted that Bitcoin’s prior low volatility was followed by a surge in trading volume post-election results, suggesting a similar scenario could unfold this time. Sigel also predicted that a downgrade of US sovereign debt by Moody’s could further stimulate Bitcoin’s growth in late 2024.
Despite October typically being a strong month for Bitcoin, analyst Michael van de Poppe indicated that BTC is still in a favorable position to achieve a new ATH soon. He mentioned that, although recent Federal Reserve rate cuts haven’t significantly boosted Bitcoin, the overall market dynamics could shift, drawing investors back to riskier assets like BTC.
Van de Poppe highlighted the rising M2 money supply, which has shown a positive correlation with Bitcoin prices, indicating potential for a substantial rally as liquidity increases. He also noted that the possibility of a Donald Trump presidency could positively impact the crypto sector, potentially igniting a bull run.
Current data from Polymarket indicates Trump has over a 66% chance of winning against Kamala Harris, suggesting a strong preference among voters for candidates supporting crypto. Notably, a recent survey indicated that 16% of voters consider candidates’ stances on cryptocurrency in their decision-making. As it stands, Bitcoin trades at $68,674, reflecting a 1.2% increase over the last day.
