Bitcoin (CRYPTO: BTC) has once again captured the spotlight after a notable rally this week so far, defying election jitters, with analysts forecasting a potential rise to $70,000 in the near future.

What Happened: The cryptocurrency market experienced a significant rally this week, with Bitcoin gaining nearly 6.5% this week so far, crypto trading firm Zerocap noted on Wednesday. This price increase led to the liquidation of over $57 million in Bitcoin shorts within 24 hours, impacting more than 56,000 traders.

The unexpected rise in Bitcoin’s value caught short traders off guard, resulting in widespread liquidations. The rally is attributed to a combination of technical, political, and market factors. Jonathan de Wet, Chief Investment Officer at Zerocap, identified the technical breakout as a crucial factor in Bitcoin’s ascent.

“We see BTCUSD at $70,000 in the coming weeks, continuing off current downside support, with equities breaking further highs,” de Wet said.

See Also: Kamala Harris’s Fox News Interview Will Likely Mention Project 2025, Israel And One Other Contentious Topic, Polymarket Traders Speculate

He emphasized that despite a moderation in the U.S. rate cut cycle, risk assets such as equities and cryptocurrencies are seeing substantial gains. He added that geopolitical tensions and uncertainties in China have not hindered Bitcoin’s upward momentum.

Why It Matters: The recent surge in Bitcoin’s price comes amid a period of stability in the cryptocurrency market, despite the looming 2024 presidential election featuring Donald Trump and Kamala Harris. Bitcoin has maintained a stable range between $55,000 and $65,000 over the past three months.

This stability follows a spike in July when Trump was shot at a rally, impacting his election prospects, and President Joe Biden subsequently withdrew, endorsing Harris.

Crypto trader Stockmoney Lizards has turned bullish, highlighting that the current market conditions suggest “Uptober” is still in play. This optimism is supported by several indicators, suggesting that those expecting further lows may be left behind.

Read Next:

• Bitcoin, Ethereum, Dogecoin Trade Like ‘No Bear Market On The Horizon,’ Trader Predicts All-Time High In The ‘Next 3-4 Weeks’

Photo courtesy: Pixabay

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari