On Monday, October 28, Bitcoin price surged to its highest level in over four months, reaching approximately $71,500, according to Coinbase data reported by TradingView. This marked the most significant increase since early June, inching closer to all-time highs. Tim Enneking, managing partner of Psalion, indicated that this upward trend follows a typical pattern observed post-halving, although it experienced recent fluctuations due to a Wall Street Journal report regarding a purported US DOJ investigation into Tether, which has since been denied by the company.
Enneking highlighted the uncertainty surrounding the market, suggesting this could be a starting point for a genuine bull market despite the potential distortions caused by the upcoming US elections. He pointed out that while a Trump victory could positively affect the crypto market, a Harris win might result in Bitcoin prices falling to the mid to low 60s. Influencer Wendy O noted the cyclical nature of Bitcoin and parallels between the market dynamics of the 2020 and 2024 elections, suggesting a possible upward trend, contingent upon breaking current resistance levels. She emphasized the critical role of the elections in shaping market sentiment and price action.