- BTC broke past $70,000 as the upcoming US elections continue influencing investor sentiment.
- VanEck's Mathew Sigel suggested that Bitcoin's trend appears bullish ahead of the elections.
- Crypto ETFs recorded net inflows totaling $901 million, spearheaded by Bitcoin ETFs.
Bitcoin started the week on a strong note, rising above $70,000, with prices indicating a bullish outlook amid increasing correlation with the upcoming US elections, according to VanEck's Head of Digital Asset Research Matthew Sigel. Institutional investors have also shown positive sentiment toward crypto ETFs, which recorded net inflows totaling $901 million last week.
BTC rises above $70K, Trump support grows ahead of election
Bitcoin surged to a three-month peak on Monday, rising briefly above the $70,000 mark and coming approximately 5% off its all-time high of $73,700. BTC has risen 2.7% in the past 24 hours, trading around the $69,900 mark as of the time of writing.
Matthew Sigel noted in a CNBC interview that Bitcoin's current "bullish setup" ahead of the US election next week is reminiscent of late 2020, which preceded a remarkable 120% price increase over two months.
He emphasized that this pattern suggests a strong potential for Bitcoin to rally following the election results, similar to the behavior observed in 2020. Sigel predicts that Bitcoin will become a reserve asset by 2050 valued at $3 million.
Sigel also stated that Republican candidate Donald Trump appears to be the more crypto-friendly candidate among the two leading contestants. He referred to Trump's continuous advocacy for crypto and support for Bitcoin, while Democrat Kamala Harris has yet to directly mention anything related to crypto.
Polymarket data reveals that Trump leads the election odds by 65% to Harris' 34%, suggesting that bettors are increasingly expecting a Republican win in the upcoming election on November 5.
The election appears to be a major driving force for BTC as investors hope a potential Donald Trump win will serve as a breakthrough for the crypto industry.
This likely contributed to the massive inflows to digital asset ETFs last week, totaling $901 million. Last week's inflows pushed total ETF inflows to over $3 billion in October.
The inflows were largely spearheaded by Bitcoin ETFs, which recorded inflows of $920 million, of which $906 million came from US investors.
However, Ethereum ETFs saw another week of outflows totaling $35 million despite renewed investor positivity.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin, Ethereum and XRP gain as Tether denies criminal investigation allegations
Bitcoin extends gains by nearly 2% on Tuesday, getting closer to its all-time high registered in March. Ethereum and XRP prices also increase, riding on Bitcoin's rally. Stablecoin Tether CEO Paolo Ardoino denies allegations of a criminal investigation in the US in an interview for Coindesk.
Fantom looks set for double-digit gains following retest of key support level
Fantom extends its gains for a fourth consecutive day on Tuesday after finding support at around $0.577 on Friday. The token’s technical outlook suggests double-digit gains are on the horizon, bolstered by a rising long-to-short ratio that reached its highest level in October.
Solana Price Forecast: SOL hits three-month high above $180 after four-day rally
Solana price increases for a fourth straight day, hitting the $180 resistance for the first time in nearly three months. Active addresses on the Solana blockchain have consistently climbed every month in the past year. SOL's upside target is at around $210, its 2024 high seen in March.
Bitcoin Price Forecast: Pointing to new all-time high at $78,900
Bitcoin (BTC) extends its gains on Tuesday and trades around $71,000 after bouncing from a key technical level last week. The technical outlook suggests a bullish bias for BTC, projecting a new all-time high at $78,900 in the short term.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.