Interestingly, the price increase coincided with surfacing reports that the current US President Donald Trump has become the betting favorite to win the 2020 Presidential elections. With a few decisive candles, Bitcoin surged to $14,050 (on Bitstamp) before retracing to its current level – $13,800.
Just a few hours ago, the primary cryptocurrency headed higher once more. It started recovering yesterday when it jumped above $13,500 and stayed above it for most of the past 24 hours. In fact, BTC even dipped below $13,300 on two occasions in the following days.
Since then, though, the asset has primarily struggled with maintaining its high price tag. Bitcoin broke above the coveted $14,000 mark on Saturday for the first time since January 2018. The altcoins have erased most of yesterday’s losses, and the market capitalization has added about $10 billion. Bitcoin briefly spiked above $14,000 again, this time perhaps on news from the US Presidential elections. October’s monthly close also signals the highest red dot close to date via the Stock-to-flow model, a clear indication that this controversial Bitcoin price prediction model is right on track ‘still’ targeting $288K by 2024. With Bitcoin closing the month of October at $13,816, this signals the highest monthly close for BTC since December of 2017.
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