As the US election approaches Bitcoin correction is nearly over

CoinPost reported:
Amid the optimism sparked by the US election, Bitcoin has once again risen above $67,000, and analysts say the recent minor correction is coming to an end.
Bitcoin recently rose to over $67,000, sparking new investor interest and bringing it close to the $70,000 threshold. It is worth noting that a market observer said Bitcoin’s upward trend is consistent with anticipated macroeconomic events, including the start of a crucial election period.
Bitcoin correction almost over
Cryptocurrency analyst Michaël van de Poppe confirmed that Bitcoin briefly dropped to the $65,000 range before reversing upwards. He stated that the current minor price adjustment is likely coming to an end.
Indeed, Bitcoin fell to $65,000 and quickly rebounded.
I believe this minor correction is nearing its end.
Macro-economic period begins, including elections.
Time to see these yields dropping; cryptocurrencies thriving.
– Michaël van de Poppe (@CryptoMichNL)
October 23, 2024
It is worth noting that the upcoming US election may affect market conditions and potentially spark 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 appears cautiously optimistic.
Uptober is not over yet
Optimistically, due to sustained growth, October, historically referred to as “Uptober,” is set to achieve moderate gains this year. So far, Bitcoin’s price has risen by 7.21%, still below the historical average of 22.59%,
according to
an analyst cited by 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 potential for further gains this month if historical patterns hold. With over a week left in October, there is still a possibility of further upward movement if the market remains consistent with past performances.
November and long-term forecasts
Looking ahead, historical trends suggest that November may 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 positive sentiment.
Meanwhile, analysts at Bernstein maintain a long-term bullish stance on Bitcoin,
predicting
a target of $200,000 by 2025. Gautam Chhugani, Bernstein’s cryptocurrency lead, pointed out the potential of Bitcoin as a “store of value” amid 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 publicly listed Bitcoin mining companies in the US such as Riot Platforms and CleanSpark, which are expanding resources to support operations.