Déjà vu for the price of Bitcoin? BTC climbed back above $69,000 during European trading hours, after last setting this recent high-water mark just last week. Bitcoin bounced above the $69,000 mark early Monday, though it has cooled slightly since, dipping to a current price of $68,925 as of this writing. It’s up 2% on the day, per data from CoinGecko.
Looking ahead, traders are entering an extremely busy period for macroeconomic factors. This week alone will include a new gross domestic product report for Q3, personal consumption data (which is used to track inflation), and a new jobs report on Friday. “Together, these releases will provide a comprehensive overview of the economy’s strength, inflation trajectory, and employment trends,” wrote BRN analyst Valentin Fournier in a note shared with Decrypt. “These factors can significantly influence Bitcoin’s price trajectory.”
Then, next Tuesday, November 5, Americans head to the polls to vote in the tightly contested U.S. presidential election race between Vice President Kamala Harris and former President Donald Trump. Just having the election decided, Fournier said, should provide a boost to Bitcoin’s price. “Given the current accumulation phase, upcoming macroeconomic data, and the positive sentiment surrounding the U.S. presidential election, we believe Bitcoin is well-positioned for a strong upward move,” he wrote. “We continue to recommend a substantial allocation to Bitcoin, with a preference over Ethereum, to maximize potential gains.”
Meanwhile, Singapore-based crypto trading firm QCP Capital noted that a recent Trump podcast interview appears to have supercharged his lead over Harris on crypto-based prediction market platform Polymarket. “Trump’s interview on the Joe Rogan Experience podcast, released nearly a week before the election, has gained significant traction with over 32 million views, driving his Polymarket odds to above 66%,” the firm wrote in a trading note Monday.
But QCP, like BRN, believes that Bitcoin’s bullish momentum is now less closely tied to Trump winning. “Despite crypto being touted as the ‘Trump Trade,’ BTC’s correlation with Trump’s odds appears to be weakening as it aims to break $70,000 and clear its July highs,” the firm added.
Edited by Andrew Hayward