Yigit Taha OZTURK 
Despite recent market fluctuations, Bitcoin has reached record levels once again, capturing investors’ attention. The cryptocurrency surpassed the $70,000 level for the first time in over seven months, offering hope to investors. Analysts point out that this rise in Bitcoin aligns with positive developments in the crypto market.
Several factors support Bitcoin‘s potential rise, particularly the anticipated interest rate cut by the U.S. Federal Reserve. The broader market expects a 25 basis point cut on November 7, which would lower rates to the 4.5% to 4.75% range, reflecting a need for adjustments to stabilize economic growth,” said Bitget Research Chief Analyst Ryan Lee.
U.S. Election Polls May Be One of the Factors Supporting Bitcoin’s Rise
Polls related to the upcoming U.S. presidential election are emerging as a factor supporting bullish sentiment in the Bitcoin market. In these polls, current Vice President Kamala Harris and crypto advocate Donald Trump are locked in tight races across several key states. On the events trading platform Polymarket, former president and crypto entrepreneur Trump is strongly favored to win.
Analysts suggest that such polling data could boost positive expectations for digital assets like Bitcoin. A scenario where crypto-supportive candidates gain traction might create new opportunities for digital assets in terms of regulation and growth.
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