- Bitcoin made a breakout to $71K last night
- This pulled up others like $ETH, $SOL, $BNB, and $DOGE
- Investors are divided on whether this is the start of a long-awaited rally
- Also, there are differing opinions on whether this is related to the election and VanEck’s statement
Bitcoin made a breakout to $71K last night, getting a little closer to its record high of $73K.
Investors were divided on whether this was a short-term rally or the beginning of a long-awaited achievement and may even break through all-time highs.
Bitcoin was also followed by other assets including $ETH, $SOL, $BNB, and $DOGE, showing 5.0%, 3.4%, 3.3%, and 15% respectively.
Investor Expectations
More specifically, last night Bitcoin reached $71.5K in less than 24 hours, which sparked a lot of discussion and optimism on how long it remained in the $60K range even with plenty of favorable reasons for growth.
The election is only 7 days away and many are linking this, especially VanEck’s statement regarding Matthew Siegel’s digital asset research, which talks about a likely favorable climate for Bitcoin if Trump wins.
Recall that right now Donald Trump and Kamala Harris are battling for a fraction of a percent, and it could all be decided by a few hundred votes in swing states.
In the meantime, some investors may feel that this was a short-term rally and that the underperformance of the $73K high may indicate that Bitcoin may stay that way.
That said, other assets have followed suit, also showing gains, which is especially good for Ethereum which has been in a bad spot for some time now.
Also, DOGE’s impressive 15% rise coincided with Bitcoin’s jump, but some think it has more to do with Elon Musk’s promise that his Department of Government Efficiency (D.O.G.E) under the Trump administration will save “at least $2 trillion from the U.S. budget.”
Conclusion
Events are approaching their climax, but the one conclusion of the outcome is still difficult to predict.
Therefore, it is important to keep an eye out for new information and to be very cautious at a time of such a busy market and political race.
Stay tuned.
