Bitcoin prices rebounded on Monday, October 28, climbing to their highest in over four months as the broader cryptocurrency market posted widespread gains.

According to Coinbase data reported by TradingView, the world’s most popular digital currency rose as high as $71,500 around 10:30 p.m. EST.

At the time, the innovative asset was trading at its highest since early June and was near new all-time highs, additional Coinbase figures provided by TradingView showed.

“BTC is currently facing a very interesting and probably very fragile dynamic,” Psalion managing partner Tim Enneking said via email.

“The ‘Uptober’ move, which comes little more than six months after the halving, is right on schedule,” he added. “The upward trend in prices after a halving is always delayed by about half a year.”

“This particular move was temporarily delayed by WJS’s report last week on a possible (fanciful?) U.S. Department of Justice investigation into Tether, which the company has vehemently denied,” the analyst noted, referring to an article which appeared in the Wall Street Journal last week.

“(Of course, whether the story is actually true or not remains to be seen),” he explained.

“Under normal circumstances, I would say this is the start of the ‘real’ four-year bull market,” Enneking noted.

“However, as the impact of the halving has been distorted by the emergence of spot BTC ETFs, Uptober risks being distorted by the impact of the US election,” he continued.

“Although it seems that regardless of who wins, Gensler won’t be in favor of the SEC for long, considering that a Trump win would be extremely positive for crypto (if you believe what Trump says and if you consider the larger ones ignoring the impact his presidency could have). “In terms of the US and the world as a whole, a Harris victory could easily lead to a significant drop in BTC into the mid to low 60s,” Enneking said.

“While I’m very excited about this upside given some unexpected headwinds, I wouldn’t quite pop the cork on the champagne bottle just yet,” he concluded.

TikTok influencer Wendy O also weighed in, focusing primarily on the market history of the world’s largest digital currency by total market value.

“If we look at the Bitcoin weekly chart and compare the data from the last election in 2020 with this election in 2024, we can see a potential upswing similar to the last one, with the caveat that Bitcoin reached an all-time high before the last election will break through,” she wrote via email comment.

The following table helps illustrate the situation:

“Yes, the price action from 2020 is very different as we had different fundamentals (COVID in 2020 and a Bitcoin spot ETF approval in 2024), but we can still see resistance for 2020 at around $12,000 and the See resistance for 2024 at around $70,000,” she noted.

“I still think Bitcoin is cyclical as the port and mining economics operate on a 4-year cycle, but we can add the expectation that the election will be a key fundamental driver of price action and the excitement of Bitcoin “The resistance of $74,000 has been broken!” explained the analyst.

Disclosure: I own Bitcoin, Bitcoin Cash, Litecoin, Ether, EOS and SOL.