As the U.S. election is upon us, a Federal Reserve meeting looms, Bitcoin is flirting with the $70,000 mark (again), with mixed signals on whether it will break past this level. The upcoming election, with Trump currently leading in predictive odds, could be a bullish signal for crypto if he wins, as many view his policies as more crypto-friendly.

Historically, Bitcoin has rallied after U.S. elections, with peaks usually occurring within a year. Additionally, a potential Fed rate cut, expected during the Nov. 6-7 meeting, could drive investor interest toward Bitcoin, especially with economic uncertainty rising. The job market data, also releasing this week, will give further insight into economic health, with weaker numbers potentially boosting Bitcoin’s appeal as a hedge.

Market caution remains high, with ETF inflows slowing and recent liquidations reflecting uncertainty. Analysts believe a post-election surge or drop is likely, depending on the political outcome and economic indicators. While optimistic projections suggest Bitcoin could reach $100,000 or even $125,000 in a bullish scenario, traders are urged to manage risk carefully given current volatility.

Disclaimer: This is for educational purposes and not financial advice.