Bitcoin (BTC) has surpassed $65,000, reflecting a 4% increase in 24 hours due to positive trends in the S&P 500 and anticipated stimulus in China.

Trading firm QCP Capital noted that the current price movements are reminiscent of those prior to the U.S. elections in 2016 and 2020, suggesting a potential pattern of significant Bitcoin gains leading up to electoral events, giving rise to 'Uptober' optimism.

The S&P 500 started at a new high, which often correlates with positive performance in cryptocurrencies.

Key Highlights:

• Bitcoin climbed above $65,000 on Monday morning U.S. time, boosted by historical price patterns observed before elections.
• BTC is currently up 4% in the last 24 hours; the CoinDesk 20 (CD20), a fund tracking major tokens, rose 3.1%.
• After a rise from $62,000 to $65,000 early Asian hours, over $80 million of leveraged shorts were liquidated.

QCP Capital stated, "If we look back to 2016, BTC traded in a very tight range for over 3 months. It wasn't until three weeks before U.S. Election day that BTC began its substantial rally."

They further remarked, "Similarly, in 2020, BTC was stuck in a boring range for half a year before starting to rise three weeks prior to election day."

The recent rally has revitalized market optimism as we enter October, historically a bullish month for BTC, with notable price increases generally occurring in the latter part. Despite only two instances of October closing in the red since 2013, fluctuating stability in the past weeks has caused some investor concern.

A recent analysis by CoinDesk suggests significant price increases in October typically manifest after the 15th.