As the week begins, bitcoin surged to $69,000 but later settled at approximately $68,980, remaining flat over the week but up 1.5% from the previous day. Matthew Sigel from VanEck noted that bitcoin's low volatility mirrors its behavior before the 2020 election. Historical trends show BTC experienced a significant rally after that election. Sigel speculated that a potential downgrade of US sovereign debt by Moody's post-election could serve as a catalyst for bitcoin's price growth. Current polls suggest VP Kamala Harris holds a slight advantage over Donald Trump, which could influence market behavior. Analysts highlight that Republican poll gains may correlate with the recent influx of bitcoin ETF investments, totaling around $3.4 billion since October 11. If Trump is elected, anticipation of a price surge in crypto is expected, while a Harris win might lead to a limited market decline as uncertainties resolve. Market analysts predict that the upcoming election will significantly impact bitcoin's path forward, irrespective of the outcome.

Source 🔗