### Bitcoin Surpasses $65K Amid Positive Market Trends and Historical Election Patterns

Bitcoin (BTC) has surged past the $65,000 mark, witnessing a 4% increase in the past 24 hours. This rise is reportedly driven by buoyant movements in the S&P 500 index and anticipated economic stimulus from China. Trading firm QCP Capital points to a notable resemblance between Bitcoin's current price actions and those observed before the U.S. presidential elections in 2016 and 2020, suggesting that the cryptocurrency often experiences significant gains in the lead-up to elections, a trend fueling optimism during October, or "Uptober."

As the S&P 500 index opened to new highs, reflecting a bullish market sentiment, Bitcoin followed suit. Data indicates that Bitcoin climbed above $65,000 during U.S. morning trading on Monday, with its rally from $62,000 starting in early Asian trading hours. The climb led to the liquidation of over $80 million worth of leveraged shorts in Bitcoin and Ether (ETH).

QCP Capital traders pointed out that in the months before the 2016 election, Bitcoin traded within a tight range until three weeks before Election Day, at which point it began a rally from $600, doubling its value by early January. A similar pattern was observed in 2020, where Bitcoin was stagnant for half a year—only to surge from $11,000 three weeks out from the election, reaching $42,000 by January.

The recent rally comes at a time when investor hope had been waning, despite October's historical bullish trends. Since 2013, October has typically been a profitable month for Bitcoin investors, ending in the red only twice and boasting gains as high as 60%, with an average return of 22%. However, prices remained stable through the first two weeks of October, dampening investor expectations.

Data from CoinDesk highlights that most of October's gains historically occur in the latter half of the month, with price increases often reaching up to 16% after mid-October. The bitcoin price stood at around $63,330 on September 30, indicating only a slight month-to-date increase.

CoinDesk, a media outlet specializing in cryptocurrency coverage, maintains a strict set of editorial policies to ensure unbiased reporting. The platform is part of the Bullish group and receives support from technology investor Block.one.