– On Monday, 14 October, the price of bitcoin rose above $65,000. Then, on 15 October, a local high was recorded at $67,950. The last time the leading cryptocurrency reached such heights was on 27 September. The positive dynamics were influenced by the growth of U.S. stock indices, particularly the S&P 500. Another driving factor was the anticipation of expanded economic stimulus measures by the Chinese authorities.
Analysts note that similar price movements were observed before the U.S. presidential elections in 2016 and 2020. In 2016, BTC traded in a very narrow range for more than three months. However, three weeks before the election, it began to rise, doubling in value by the start of 2017.
A similar scenario unfolded in 2020 — initially, there was sideways movement for half a year, and then, three weeks before the vote, a bull rally began. As a result, starting at $11,000, the flagship cryptocurrency nearly tripled in value by early January, reaching $42,000. If a similar trend occurs this time, it is possible that bitcoin could welcome the New Year of 2025 within the range of $120,000 to $180,000.
The second reason that pushed BTC’s price upward was the news that the administrators of the bankrupt crypto exchange Mt. Gox had postponed their plans to return stolen bitcoins to creditors by a year.
According to some reports, Mt. Gox held coins worth around $10 billion. Payments to creditors began in July of this year and were initially expected to be completed in the coming months. The sale of such a large number of coins could have significantly lowered bitcoin prices. However, it has now been announced that the distribution of tokens will only be completed by the end of October 2025. Therefore, the anticipated dump due to this reason has been cancelled.
– Although Kamala Harris’ overall crypto plans remain largely a mystery, some details have emerged. According to media reports, if elected President of the United States, she intends to support Black crypto investors through the “Opportunities for Black People Program.” This program is expected to impact more than 20% of Black Americans who own cryptocurrencies. Harris has stated that new technologies, such as blockchain, can help expand access to banking services and financial opportunities for this demographic. But that’s not all. As part of the announced program, the Vice President also plans to offer nearly one million interest-free loans of up to $20,000 to Black entrepreneurs looking to start businesses related to cannabis.
– Larry Fink, CEO of BlackRock Inc., the world’s largest asset management company ($10.5 trillion), believes that market participants are mistaken in expecting the U.S. Federal Reserve to lower the key interest rate too quickly. “The amount of easing priced into the forward curve is just crazy,” he stated in an interview with Bloomberg.
When asked about the connection between cryptocurrencies and the U.S. elections, Fink responded that it doesn’t matter who becomes president, as the adoption of digital assets in society will continue to grow regardless. This is due to financial institutions around the world seeking ways to diversify asset allocation.
It is worth noting that the CEO of BlackRock was previously sceptical about all digital assets. However, he now asserts that bitcoin has already become an alternative to other commodities, including gold. Fink highlighted that BlackRock is focused on improving access to the crypto market through exchange-traded products. He mentioned the recently launched ETH-ETF, the Ishares Ethereum Trust, which saw a net inflow of over $1 billion in just two months. Similarly, the BTC-ETF, Ishares Bitcoin Trust, has grown to $23 billion in the first nine months since its launch.
– Unlike Larry Fink, the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, remains unfavourable towards bitcoin and altcoins. He believes that the digital rupee (CBDC) could become a more stable and controllable digital currency, protecting Indian citizens from the high volatility of crypto-assets and the associated risks. The RBI Governor optimistically stated that “through the use of central bank digital currency, India will have a unique opportunity to become a leader in international payments.”
However, the current statistics suggest otherwise. According to the RBI, since December 2023, the number of daily transactions involving the government-issued stablecoin has dropped by nearly tenfold. As a result, the RBI has decided to take a more cautious approach to the launch of the digital rupee, opting for a phased implementation.
– The trader and analyst known as Stockmoney Lizards believes that before the next pump, BTC is likely to see a correction to the $63,000–63,600 range. “Bitcoin is entering the fear of missing out [FOMO] zone,” writes Stockmoney Lizards. “At some point, there will be a temporary correction, and the positions of traders caught by FOMO will be liquidated before the upward movement resumes. […] The $65,000–66,000 range acts as a natural resistance zone.”
Stockmoney Lizards’ colleagues also point out that, despite the recent rise of the coin to $66,500, the price has yet to break through the upper boundary of the downward channel that started in March. At the moment, this boundary is at the $68,050 level.
– The crypto-detective operating under the pseudonym ZachXB has reported receiving numerous messages in recent months from victims in Western Europe who were held at gunpoint and threatened with death if they did not transfer their cryptocurrency to the criminals. In one case in June, a user lost $4.3 million in digital assets during a home robbery. Using stolen personal data, the thieves discovered the victim’s home address, tracked them down, and, posing as couriers, forced their way into the house, compelling the victim to transfer all their cryptocurrency.
Recently, former CEO of the educational crypto platform Revelo Intel, Nick Drakon, admitted that he, too, was a victim of a violent robbery. The criminals threatened his wife and eight-month-old son, and under the threat of a gun, Drakon was forced to transfer both personal and corporate funds, as well as all his digital assets, to the attackers.
– CryptoQuant analysts note that the fear of a further drop among small retail investors is benefiting large players, who are not concerned with the short-term fluctuations of the leading cryptocurrency. “The accumulation of bitcoin by whales in the price range of $54,000 to $68,000 is a significant indicator. New whales are entering the game and actively accumulating, while the older ones are increasing their positions. Overall, all whales are accumulating within this price range. Their growing balances suggest that a rise is on the horizon, either in the medium or long term,” says the CryptoQuant report. “Bitcoin has been trading in a narrow range for seven months now,” the experts write, “and the longer this period lasts, the more powerful the rally of the first cryptocurrency and the overall crypto market capitalisation could be.”
