Bitcoin’s November rally could be held up by election volatility

Bitcoin is on the brink of a potential rally that could see it reach a new record high, but investors may have to wait until after the U.S. presidential election for this to happen. The cryptocurrency finished October with a 10% gain, closing the month above $70,000 for the first time since March. Despite some modest retreats, Bitcoin is still poised for growth, with the election being a major factor influencing its price action. The industry is split on how a potential win by Vice President Kamala Harris could impact crypto companies, but overall, both parties seem to be leaning towards fostering the industry. Bitcoin’s supply and demand dynamics support a long-term uptrend, and recent inflows into Bitcoin ETF products suggest a positive outlook for the cryptocurrency. While there may be some volatility around the election results, the underlying fundamentals of Bitcoin remain strong and are expected to drive further price increases.