I don't understand the logic on why the upcoming election in the US will be pivotal in giving Bitcoin another ATH. America with all her shenanigan towards Bitcoin can never be said to aid it. I don't believe it will boost BTC price. What I know is that there's going to be some alts floated to raise money for major front runners in the elections and that's as far as it goes. Those alts can blossom but I don't see that transcending to Bitcoin. It's a coin–cidence that the US election is the same year of Bitcoin halving and that makes it look like it has any impact on it. It doesn't.
It is speculation on potential changes in politics in the USA. from Democratic party to Republic party as main political force in the country next four years. Because the Biden administration does not treat cryptocurrency industry fairly and friendly, people speculate that if the Republic Party takes their progress in the White House and Congress, there will be changes that are helpful for cryptocurrency industry.
I agree that speculation is speculation only, we can not be sure about what will happen in the USA. from politics to their policy after the President Election.