Cryptocurrency's Upward Trend May Persist Through the US Election and Beyond

As the US presidential election approaches, traders are preparing for the potential aftermath and how the new administration will impact financial markets, including cryptocurrency. Over the past week, crypto has experienced an uptrend, driven by factors such as Chinese stimulus, Western central bank rate cuts, and the looming US elections. Historically, the second half of October has marked the beginning of a bullish period for financial assets, which may contribute to crypto's recent gains. An examination of Bitcoin's performance from 2013 to 2023 reveals that the latter half of October yields double the returns of the first half. The impact of the election on token prices is uncertain, with data suggesting that Bitcoin could move up to 10% in either direction. Other cryptocurrencies, such as Cardano and Dogecoin, may experience even greater fluctuations. Looking ahead, the options market indicates a bullish bias towards Bitcoin, with significant open interest at the $70,000 and $80,000 strike prices. According to Geoffrey Kendrick, global head of digital asset research at Standard Chartered, the digital asset ecosystem is becoming increasingly likely to enter the mainstream, which could lead to a surge in Bitcoin's value towards its all-time high of $73,000 prior to the election.