Bitcoin's Rise Tied to Trump's Election Chances
Analysis
October 15, 2024 8:05 PM
In Brief:
Bernstein analysts attribute Bitcoin's recent 14% rise in October to the increasing election odds of Donald Trump, with MicroStrategy as a bullish indicator.
The correlation between Bitcoin and Trump's election odds has strengthened, as both have shown support for digital assets.
Bitcoin's Strength is Related to Trump's Rising Chances of Being Elected
According to ChainCatcher, analysts at Bernstein have linked Bitcoin's recent surge to the increasing odds of Donald Trump being elected. Bitcoin rose about 14% in October, reaching over $65,000, following a 5% increase on Monday. Analysts Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia suggest that the correlation between Bitcoin and Trump's election odds has strengthened, with MicroStrategy serving as a key indicator of a potential bullish breakout.
The analysts believe that the crypto market's bid has been stronger due to the rise in Trump's odds in the election prediction markets. Both Trump and Bitcoin have expressed support for digital assets, contributing to the recent strength in Bitcoin's performance.
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