Bitcoin has surged over 5% in the past 24 hours, closing above the key $66K level for the first time since July. The article explores the factors driving this jump.

Political Factors Behind the Surge

The recent increase in Bitcoin's price is partly attributed to the U.S. political landscape. With Donald Trump gaining popularity, his pro-crypto stance gives hope to many in the market. Additionally, Kamala Harris's participation in the election with a promise to protect investors through a regulatory framework also plays a role. The political maneuvers of both figures bring cryptocurrencies into the spotlight, potentially influencing Bitcoin's future.

Tom Lee’s Bullish Outlook and Market Sentiment

Lee notes that the market has shown incredible resilience despite previous expectations of a downturn. According to him, $6 trillion in sidelined cash is now entering the markets, pushing prices higher. He further suggests that the market appreciates clarity, which has improved as the 2024 elections approach. Bitcoin's resilience amidst uncertain macroeconomic conditions underlines its status as an asset class, much like gold.

A Post-Election Rally for Bitcoin?

Whether Trump or Harris wins, the market might react positively to the new clarity. If Trump wins, his stance could lead to further Bitcoin price rallies. At the same time, Harris's expected regulatory framework also provides hope to cryptocurrency investors.

Analysts believe Bitcoin is on the brink of a breakthrough, potentially reaching $100,000 by Q1 of 2024. The political influences and the current market resilience create favorable conditions for such growth.