Bitcoin soars to $71,500

Over the past day, the price of BTC has increased by more than 5%, surpassing the $71,500 mark. At the time of writing, the digital asset's price remains at $71,086.

This growth is occurring against the backdrop of preparations for the upcoming U.S. presidential election, scheduled in the coming days.

Factors driving the growth

The largest cryptocurrency by market capitalization has crossed the important $70,000 threshold following a minor correction last week.

Among the key growth factors, experts highlight the escalation of conflict in the Middle East and potential regulatory measures regarding the stablecoin Tether, which may have driven demand for bitcoin as a safe-haven asset.

Analysts' forecast

Analysts at Bitfinex believe BTC has the potential to continue rising toward the $80,000 level. Specifically, this is indicated by the structure of the derivatives markets, where options markets show significant potential for growth after the U.S. election.

Experts noted that in recent weeks, there has been a rise in open interest in year-end options, particularly options with an expiration date of December 27 and a strike price of $80,000.