The correction of Bitcoin is almost over as the US election approaches

CoinWorld.com reported:
In the optimistic mood sparked by the U.S. election, Bitcoin has once again risen above $67,000, with analysts suggesting that the recent minor correction is coming to an end.
Bitcoin has recently surged above $67,000, igniting new investor interest and bringing it close to the $70,000 threshold. It is worth noting that a market observer stated that Bitcoin’s upward trend aligns with anticipated macroeconomic events, including the start of a crucial election period.
Bitcoin’s correction is nearly over
Cryptocurrency analyst Michaël van de Poppe confirmed that Bitcoin briefly dipped to the $65,000 range before reversing upwards. He stated that the current minor price adjustment may be coming to an end.
Indeed, the #Bitcoin price dropped to $65,000 and then quickly rebounded. I think this minor correction is nearing its end. It’s time to see those yields drop; cryptocurrencies are thriving.
–Michaël van de Poppe (@CryptoMichNL)
October 23, 2024
It is worth noting that the upcoming U.S. election may impact market conditions, potentially sparking interest in digital assets. The analyst also highlighted the possibility of declining yields, which could boost the broader cryptocurrency market. With Bitcoin hovering around $67,000, investor sentiment appears cautiously optimistic.
Uptober is not over yet
Optimistically, due to sustained growth, October is referred to as “Uptober” in history, with modest gains expected this year. So far, Bitcoin’s price has risen by 7.21%, still below the historical average of 22.59%, according to an analyst citing data from CoinGlass.
The median increase in October is 21.20%. Previous strong performances in October, such as a 39.93% increase in 2021 and a 47.81% increase in 2017, highlight the possibility of further gains this month if historical patterns hold. With over a week left in October, further upward movement is still possible if the market remains consistent with past performances.
November and long-term forecasts
Looking ahead, historical trends indicate that November could be another strong month for Bitcoin. November has an average return rate of 46.81% for cryptocurrencies, with a median increase of 8.81%, adding to the positive sentiment.
Meanwhile, analysts at Bernstein maintain a long-term bullish stance on Bitcoin, predicting a target of $200,000 by 2025. Gautam Chhugani, the head of cryptocurrency at Bernstein, pointed out the potential of Bitcoin as a “store of value” amidst economic uncertainties such as rising U.S. debt and inflation risks.
For investors seeking indirect investments, notable choices include companies like MicroStrategy and Robinhood, as well as publicly listed Bitcoin mining companies in the U.S. like Riot Platforms and CleanSpark, which are expanding resources to support their operations.