Bitcoin Eyes $78K by 2024 as Kamala Harris Pledges Crypto Regulation

Bitcoin (BTC) climbed to its highest levels in two months on Oct. 15, rising by circa 5.50% to around $66,265. The cryptocurrency’s rise could enable a technical breakout setup with upside targets above $78,000, with fundamentals led by Kamala Harris’s latest crypto pledge furthering the bullish outlook.

Harris Discusses Crypto Regulation to Woo Black Voters

On Oct. 15, U.S. Vice President Kamala Harris pledged to support a regulatory framework for cryptocurrency to provide more investment certainty for the 20% of Black Americans who own — or have owned — digital assets.

Crypto businesses have contributed to Harris’s presidential campaign despite the Democrats’ anti-crypto measures in recent years. For instance, Ripple co-founder Chris Larsen donated $1 million in XRP to a Super PAC called Future Forward PAC, marking one of the first major crypto contributions to Harris’s campaign.

Future Forward PAC also accepts crypto donations via Coinbase Commerce, which converts contributions into stablecoins like USDC to minimize volatility.

Looking ahead to the 2024 elections, the cryptocurrency industry could benefit significantly, with Harris and Donald Trump adopting pro-crypto rhetoric. Trump’s campaign has shifted toward a more favorable stance on digital assets, positioning him as a champion of ending the “crackdown” on the crypto industry.

As a result, crypto businesses see potential gains, regardless of which candidate prevails, with both sides promising policies that could create a more favorable climate for cryptocurrency growth in the United States.

Bitcoin Nears Bull Flag Breakout

The weekly Bitcoin chart shows a bull flag pattern, a bullish continuation signal.

After a strong rally in 2024, Bitcoin entered a consolidation phase, forming this descending structure between two parallel trendlines, confirming a bull flag. The setup typically resolves when the price breaks above the upper trendline and rises by as much as the height of the previous uptrend, which is called flagpole.

As of Oct. 14, Bitcoin was eyeing a breakout above its bull flag’s upper trendline of around $65,800. Meanwhile, its flagpole spans from the $25,000 low to the $70,000 high, suggesting the bull flag breakout target near $78,000–$80,000 by 2024’s end.

Bitcoin’s position above its 50-week and 200-week EMAs supports the bullish case, as does the RSI around 56, indicating further upside potential without overbought conditions.

For confirmation, traders should watch for higher trading volumes to validate the breakout. A successful follow-through could signal the start of a new rally toward the flag’s target.