Déjà vu for the price of Bitcoin? BTC climbed back above $69,000 during European trading hours, after last hitting this recent high last week.

Bitcoin bounced above the $69,000 mark early Monday, but has since cooled slightly, falling to a current price of $68,925 at the time of writing. It’s up 2% today, according to data from CoinGecko.

Looking ahead, traders are entering an extremely busy period due to macroeconomic factors. This week alone will see a new third-quarter gross domestic product report, personal consumption data (used to track inflation) and a new jobs report due Friday.

“Together, these releases will provide a comprehensive overview of the economy’s strength, inflation trajectory and employment trends,” BRN analyst Valentin Fournier wrote in a note shared with Declutter. “These factors could significantly influence Bitcoin’s price trajectory.”

Next Tuesday, November 5, Americans will then go to the polls to vote in the closely contested American presidential election between Vice President Kamala Harris and former President Donald Trump. According to Fournier, the mere fact that the elections have been decided should provide a boost to the price of Bitcoin.

“Given the current accumulation phase, upcoming macroeconomic data and the positive sentiment surrounding the US presidential election, we believe Bitcoin is well positioned for strong upside,” he wrote. “We continue to recommend a substantial allocation to Bitcoin, with preference over Ethereum, to maximize potential gains.”

Meanwhile, Singapore-based crypto trading firm QCP Capital noted that a recent Trump podcast interview appears to have increased its lead over Harris on crypto-based prediction market platform Polymarket.

“Trump’s interview about the Joe Rogan experience podcast, which was released nearly a week before the election, has gained significant traction with more than 32 million views, pushing its Polymarket odds above 66%,” the company wrote in a trading note on Monday.

But QCP, like BRN, believes that Bitcoin’s bullish momentum is now less closely tied to Trump’s victory.

“Despite crypto being touted as the ‘Trump Trade,’ BTC’s correlation to Trump’s odds appears to be weakening as it looks to break $70,000 and erase July’s highs,” the company added.

Edited by Andrew Hayward