QCP Capital published a market analysis noting that Bitcoin recently surged from $62,000 to $65,000, with approximately $80 million worth of leveraged BTC and ETH liquidated. While some attributed the price increase to news that Mt. Gox had extended its repayment deadline to October 2025, QCP Capital noted that this information was made public last Friday.
The firm said that while many factors could explain the rally, the timing is particularly interesting because it falls in mid-October, just three weeks before the U.S. presidential election. QCP Capital drew comparisons to previous election cycles, noting that in both 2016 and 2020, Bitcoin saw significant price movements starting three weeks before the election. In 2016, BTC doubled from $600 in early January, while in 2020, the price rose from $11,000 to $42,000 in the same period.
While the current month has been unimpressive, with Bitcoin up just 1.2% compared to its historical average of 21% in October, QCP Capital believes that the recent rally could be a turning point. The firm notes that after months of trading in a tight range, today’s price action could indicate that the market is preparing for a repeat of previous patterns.
As spot prices continue to rise, QCP Capital expects market participants to focus on Q4 earnings targets and closely watch whether Bitcoin can accelerate ahead of the election.
