Bitcoin Price Forecast: Could 2024 U.S. Election Trigger a Major BTC Rally?

Bitcoin (BTC) extended its bullish rally, surpassing the $63,000 mark as the global crypto market cap reached $2.24 trillion, reflecting a nearly 1.50% gain in the last 24 hours. This bullish rally was driven by the Federal Reserve’s recent rate cut.

Investor sentiment was further bolstered by Kamala Harris’s pledge to support AI and digital assets during a Wall Street fundraiser. As the U.S. elections approach, this momentum could propel Bitcoin to even greater heights.

Kamala Harris’ Support for Crypto Fuels Bitcoin Surge to $64K

Kamala Harris has recently expressed public support for cryptocurrency and artificial intelligence (AI) during her presidential campaign.

She emphasized the importance of fostering innovation while ensuring clear regulations to protect consumers and investors.

This marks her first official endorsement of digital assets, signalling a potential shift from the current administration’s approach, which has been seen as more hostile towards the crypto industry.

Harris’ stance has gained positive responses from key figures in the crypto community, who see her policies as more favorable to the growth of digital assets compared to President Biden’s.

Besides that, a report from VanEck suggests that Harris’ policies could actually benefit Bitcoin and the broader cryptocurrency market, even more so than a second term for Donald Trump.

While Trump has openly supported crypto and promised deregulation, Harris’ policies might indirectly drive Bitcoin adoption by addressing structural economic issues, such as inflation and currency devaluation.

As a result, Bitcoin could become a stronger hedge against the flaws in the current monetary system. This growing support for crypto is becoming a key issue in the upcoming 2024 US presidential election.

Kamala Harris’ pro-crypto stance, coupled with Bitcoin’s rise to $64K, has fueled optimism in the market, with investors anticipating favorable regulations that could further bolster Bitcoin’s role as a hedge against economic instability and drive broader adoption.

Peter Brandt’s Insights on Bitcoin: Potential Growth vs. Inflation Concerns

On the other hand, Peter Brandt, a well-known trader with decades of experience, recently expressed excitement about Bitcoin (BTC) after analyzing its ratio to gold. He views Bitcoin as “digital gold” and suggests it could grow by nearly 520% against gold in the coming months.

However, he raised concerns about Bitcoin’s performance, noting that it remains below its 2021 high when adjusted for inflation.

Despite his belief that trend lines are not essential to his trading strategy, he acknowledges the importance of inflation in evaluating Bitcoin’s true value.

Brandt pointed out that although Bitcoin hit a nominal all-time high of over $69,000 earlier this year, it hasn’t reached a new inflation-adjusted high.

To surpass the November 2021 peak, Bitcoin would need to climb to around $78,000. He believes that the issue isn’t with Bitcoin’s performance, which has risen nearly 290% since the start of 2023, but rather with the U.S. dollar’s value, in which Bitcoin is typically priced.

Brandt remains cautious, questioning whether Bitcoin might face a significant reset in the future.

Bitcoin Price Outlook: Support and Resistance Levels

Bitcoin (BTC/USD) currently trades at $63,000, with a critical pivot point at $62,525, which coincides with an ascending trendline, providing key support.

Immediate resistance lies at $64,419, while the next levels of resistance are seen at $65,828 and $67,329.

On the downside, immediate support is at $62,040, with further support at $61,287 and $60,076.

The RSI is at 57.98, indicating bullish momentum but not yet overbought. The 50-day EMA is sitting at $62,040, reinforcing a positive trend as long as the price holds above this level.

A break below could signal a shift toward bearish sentiment.

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