As the US election approaches Bitcoin correction nears its end

Coin World Report:
In the optimism sparked by the US election, Bitcoin has once again risen above $67,000, and analysts say that the recent minor correction is about to end.
Bitcoin recently surged to over $67,000, sparking new investor interest and bringing it close to the $70,000 threshold. It is worth noting that a market observer said that Bitcoin’s upward trend is consistent with expected macroeconomic events, including the start of a crucial election period.
Bitcoin’s correction is almost over
Cryptocurrency analyst Michaël van de Poppe confirmed that Bitcoin briefly dropped to the $65,000 range before reversing upwards. He stated that the current minor price adjustment is likely to be coming to an end.
Indeed, the price of Bitcoin dropped to $65,000 and then quickly rebounded.
I believe that this minor correction is nearing its end.
It is time to see these yields decline; cryptocurrencies are flourishing.
– Michaël van de Poppe (@CryptoMichNL)
October 23, 2024
It is worth noting that the upcoming US election may affect market conditions, potentially sparking interest in digital assets. The analyst also pointed out 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, October, known historically as “Uptober,” is experiencing moderate growth this year due to sustained increases. So far, the price of Bitcoin has risen by 7.21%, still below the historical average of 22.59%,
according to
an analyst quoted using 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, there may still be further increases if the market remains consistent with past performances.
November and long-term predictions
Looking ahead, historical trends indicate that November could be another strong month for Bitcoin. In November, the average return rate for cryptocurrencies is 46.81%, with a median increase of 8.81%, adding to the positive sentiment.
Meanwhile, analysts at Bernstein hold a long-term bullish stance on Bitcoin,
predicting
a target of $200,000 by 2025. Gautam Chhugani, Bernstein’s cryptocurrency strategist, pointed out the potential of Bitcoin as a “store of value” in the face of economic uncertainties such as rising US government debt and inflation risks.
For investors seeking indirect investments, notable choices include companies such as MicroStrategy and Robinhood, as well as publicly listed Bitcoin mining companies in the US such as Riot Platforms and CleanSpark, which are expanding resources to support operations.