The price of bitcoin soared to more than $70,000 on Thursday, reflecting optimism about the world’s leading cryptocurrency ahead of the 2024 presidential contest.

Market analysts are hoping that bitcoin may eclipse its all-time high of $73,737 recorded this past March. Some are even projecting it could top $200,000 later this year.

Crypto analysts note that the price of bitcoin typically jumps somewhere between 500 to 550 days after the halving, which occurs every four years; the last halving took place in April 2024. “The cryptocurrency is now approximately 200 days past its fourth halving event, and based on the previous three cycles, technical experts anticipate prices to peak around 550 days post-halving, with some analysts predicting values could exceed $200,000,” Chris Kline, co-founder of BitcoinIRA, told TheStreet Crypto.

Regardless of when bitcoin hits $200,000, the 2024 election is poised to shift crypto policy regardless of who wins, as both Democrat and Republican nominees have hinted at their desire to work with the digital asset industry to promote innovation at home.

With the bitcoin halving reducing the reward for mining and increasing the asset's scarcity, both bitcoin and gold prices are surging upward. This trend buttresses the belief that fundamental economic principles of supply and demand are driving the market. Investors seem to be flocking to both assets, viewing them as stores of value in uncertain times. “Investors are increasingly voting with their wallets, as evidenced by both bitcoin and gold reaching new all-time highs this week,” Kline said. "The current election buzz merely amplifies the fundamental supply and demand dynamics created by the halving mechanism."

On Tuesday, the price of bitcoin jumped past $72,000, sparking hopes that it would soon reach its all-time high of $73,737.