As the US elections approach Bitcoin nears its alltime high Whats next

According to CoinWorld’s report:
Bitcoin bulls have recently shown strong performance, pushing the price closest to its all-time high (ATH).
With the U.S. elections approaching, bullish sentiment remains prevalent.
October can be described as a favorable month for Bitcoin [BTC].
There are multiple reasons for this. The accumulated momentum this month has contributed to a significant pattern breakout.
This outcome may set the stage for some interesting price movements and new highs in the coming months.
After an impressive rebound in the first three months of 2024, Bitcoin has formed a long bullish flag. This pattern has been unfolding since March, characterized by descending support and resistance levels.
Recently, BTC broke through the resistance line, successfully reaching $66,000, and continues to perform strongly above this level.
The bullish momentum over the past five days has confirmed the breakout, propelling Bitcoin closer to its historical peak of $73,777. The recent surge peaked at 73,620.
The breakout of the bullish flag pattern has finally occurred for the first time in nearly seven months. This also indicates that a significant movement favorable to bulls may soon emerge again. In other words, Bitcoin is on the verge of price discovery and new historical highs.
The next major catalyst for Bitcoin
The upcoming U.S. elections are expected to have a significant impact on Bitcoin’s price movements. This became evident in July when sentiment towards presidential candidates was largely based on their support for cryptocurrency.
Trump is currently regarded as the candidate most supportive of cryptocurrency, meaning his victory could have a positive influence on Bitcoin’s price trajectory. On the other hand, a victory for Harris may not yield similar results for BTC.
After the recent rebound, uncertainty has also resurfaced. Prices are showing resistance within the previous high range. Notably, on-chain data indicates that large stakeholders have been taking profits.
The amount of Bitcoin flowing out of large holder accounts has surged significantly. From October 26 to October 30, outflows increased from 0 BTC to 3,990 BTC. Meanwhile, inflows from large holders peaked at 2,020 BTC over the past 24 hours.
Read:
Bitcoin’s [BTC] price forecast
2024–2025
Despite this observation, current sentiment suggests that there will be more bullish expectations in the future. The latest surge has not immediately triggered a spike in selling pressure, which underscores this fact.
However, higher levels of volatility may be anticipated in the future.