Bitcoin (BTC) Price May Soar to an All-Time High Soon, But There’s a Catch

TL;DR

• Bitcoin recently surged to nearly $68,000, with analysts predicting a potential rise to $86,000-$90,000 if certain resistance is broken.
• Some believe BTC could hit $100,000 if Donald Trump wins the upcoming US election, due to his pro-crypto stance.

How High Can BTC Go?

Bitcoin (BTC) has been on a tear lately, with its price tapping a 10-week high of almost $68,000 on October 15. In the following hours, it experienced enhanced volatility to stabilize to its current $67,700 (per CoinGecko’s data).

BTC Price, Source: CoinGecko

The impressive resurgence caught the eye of many industry participants, some of whom claimed that “Uptober” is finally here. One popular analyst who chipped in is the X user Ali Martinez.

He believes BTC could explode to a new all-time high of around $86,600 should it break the $67,400 resistance mark. As mentioned above, the asset’s valuation currently trades above the depicted level.

Captain Faibik is another analyst who weighed in. The X user presented a price chart showing that as of the moment BTC is testing a “crucial resistance” of around $68K for the sixth time.

“If Bitcoin successfully breaks out of the Broadening wedge to the upside, the target would be around 88K-90K,” the analyst claimed.

More Surges Next Month?

Multiple market observers think November could also be a highly successful month for BTC, assuming Donald Trump wins America’s presidential elections (scheduled for November 5). One popular X user who believes the asset’s valuation will skyrocket to the coveted $100,000 if that is the case is Crypto Rover.

If Trump wins, #Bitcoin is going to $100k! pic.twitter.com/HKo2HTQ0U9

— Crypto Rover (@rovercrc) October 16, 2024

Recall that Trump made a U-turn in the past several months, presenting himself as the right choice for pro-crypto voters and promising to let the industry thrive should he enter the White House as a winner.

According to Polymarket, he has a nearly 60% chance to emerge victorious versus 40.8% for his opponent from the Democratic party – Kamala Harris. National polls, though, indicate that the Republican is currently the underdog with 46.1%, while Harris collects the support of 48.5% of the voters.