Bitcoin (BTC), which is correlated with the US presidential election, continues to rise in price as former President Donald Trump's chances of winning increase.
At this point, Bitcoin is pushing the critical level of $70,000, rising to $69,500 in the morning hours.
“The $70,000 level represents a key psychological resistance point as Bitcoin is close to its all-time high,” Presto Research analyst Min Jung told The Block.
Analysts say the US elections and Trump’s increasing chances of winning have a critical impact on the price, while FalconX research head David Lawant said that the increasing probability of former president Donald Trump’s victory contributed to the increase in Bitcoin’s price.
“With less than three weeks until Election Day, we expect the market to focus on this critical market event and be more engaged with election news and outcome.
For the first time, cryptocurrency has become a mainstream political issue and affects a wider audience.”
Finally, Augustine Fan from SOFA also stated that the US elections and the Bitcoin price are moving in correlation.
Explaining the most positive outcome for Bitcoin and cryptocurrencies, Fan said, “When focusing on the US election results, the most positive outcome for cryptocurrencies would be Trump winning and Republicans winning in the House of Representatives and Senate. This would increase the chances of the digital asset reform plans approved by Trump and Vance passing through Congress.”
According to the current situation in Polymarket, Trump's chance of winning the presidential race is priced at 61.3%; Vice President Kamala Harris' chance of winning is priced at 38.8%, with the difference being 22.5%.
*This is not investment advice.
