As the US presidential election approaches Bitcoin correction nears its conclusion

Bijiewang reported:
In the optimism sparked by the US election, Bitcoin has once again risen above $67,000, and analysts say that the recent slight correction is coming to an end.
Bitcoin recently rose to over $67,000, sparking new investor interest and bringing Bitcoin close to the $70,000 threshold. It is worth noting that a market observer said that Bitcoin’s upward trend is consistent with expected macroeconomic events, including the start of the key election period.
The correction of Bitcoin is almost over
Cryptocurrency analyst Michaël van de Poppe confirmed that Bitcoin briefly fell to the $65,000 range before reversing upwards. He said that the current slight price adjustment may be coming to an end.
Indeed, the price of Bitcoin fell to $65,000 and then quickly rebounded. I believe that this slight adjustment is nearing its end. It is time to see these yields decrease; cryptocurrencies are thriving.
–Michaël van de Poppe (@CryptoMichNL)
October 23, 2024
It is worth noting that the upcoming US election may affect market conditions, potentially sparking interest in digital assets. The analyst also pointed out the possibility of declining yields, which could boost the broader cryptocurrency market. With Bitcoin hovering around $67,000, investor sentiment seems cautiously optimistic.
Uptober is not over yet
Optimistically, October, due to its continuous growth, is historically referred to as “Uptober,” and this year has seen moderate growth. So far, the price of Bitcoin has increased by 7.21%, still lower than the historical average of 22.59%,
according to
an analyst citing data from Coinglass.
The median increase in October is 21.20%. Previous strong performances in October, such as a 39.93% increase in 2021 and a 47.81% increase in 2017, highlight the possibility of further increases this month if historical patterns hold. With still over a week left in October, there is still potential for further upward movement if the market remains consistent with past performance.
November and long-term forecasts
Looking ahead, historical trends suggest that November could be another strong month for Bitcoin. In November, the average return rate for cryptocurrencies is 46.81%, with a median increase of 8.81%, adding to the positive sentiment.
Meanwhile, analysts at Bernstein hold a long-term bullish position on Bitcoin, predicting a target of $200,000 by 2025. Gautam Chhugani, Bernstein’s cryptocurrency head, pointed out the potential of Bitcoin as a “store of value” in the face of economic uncertainties such as rising US government debt and inflation risks.
For investors seeking indirect investments, notable choices include companies like MicroStrategy and Robinhood, as well as Bitcoin mining companies listed in the US such as Riot Platforms and CleanSpark, which are expanding resources to support operations.