On October 14, QCP Capital posted on its official channel that BTC rose from $62,000 to $65,000, while about $80 million in BTC and ETH leveraged positions were forcibly closed. Some may attribute today's rally to the news that Mt. Gox in Mentougou has postponed its repayment deadline to October 2025, but this news was announced last Friday.
· While there are many factors that can explain today's trend, if we look back at the historical price trend, this is a very interesting time. We are in mid-October, just three weeks away from the US presidential election.
· Reviewing 2016, BTC traded in a very narrow range for over 3 months. It was not until the three weeks before the US presidential election that BTC started to rise from $600 and doubled in price in the first week of January.
· Similarly, in 2020, BTC was stuck in a dull range for half a year, until it started to rise from $11,000 three weeks before the election and reached a high of $42,000 in January.
· So far, Uptober has been quite disappointing, with BTC only up 1.2%, while the average gain is 21%. After months of range trading, will history repeat itself? Today's rally has undoubtedly brought a glimmer of hope to the market, just as the optimistic sentiment of Uptober is gradually fading.
With the spot price being pushed up, the market is turning its attention to the profit targets for the fourth quarter.
