Bitcoin (BTC-USD) hit a nearly seven-month high above $72,000 on Tuesday, with analysts pointing to strengthening odds for bitcoin supporter, Donald Trump, to be re-elected next week as U.S. president.

Bitcoin (BTC-USD) in early afternoon trade was up 5.5% at $72,452.34, the first session since April 8 it’s crossed above $72K. The cryptocurrency was carrying a $1.4T market cap and moving closer to its all-time high above $73,000 reached in March.

With the U.S. presidential election ending November 5, national polling remained tight between Trump and Vice President Kamala Harris. But cryptocurrency investors were also watching figures indicating Trump had a small lead against Harris in so-called battleground states. RealClearPolitics on Tuesday showed Trump held the advantage in a 0.9 spread between Harris in seven battleground states.

“This is the one sector that attracts enough speculation to move on the back of Presidential Election polling,” Trade Nation Senior Market Analyst David Morrison said in a Tuesday note. “While still well within the accepted margins of error, Trump’s campaign appears to building upside momentum, and that’s going down well with the Crypto Bros.”

Trump has embraced bitcoin (BTC-USD) after holding a skeptical view of the digital currency while in the Oval Office. Trump in June said he wanted the U.S. to be “the crypto capital of the planet and the bitcoin superpower of the world,” making that declaration at the Bitcoin 2024 Conference in Nashville.

“Assuming Trump wins, a quick jump to USD 80,000 looks likely (based on options break-evens and call-strike levels),” Geoff Kendrick, Standard Chartered’s global head of digital assets, said about bitcoin (BTC-USD) in a note last week.

“Beyond that, a Republican sweep, if it comes, brings our year-end Trump target of USD 125,000 in view," Kendrick said.

Alt-coin Ethereum (ETH-USD) also rose Tuesday, up 6% at $2,647.84

Bitcoin-backed ETFs include (BITB), (GBTC), (IBIT), (HODL), and (BTCW), and (ARKB).