Bitcoin Price Might Never Dip Below $70,000 Again After The US Elections, Here’s Why

by

As a seasoned crypto investor with over a decade of experience under my belt, I’ve witnessed the rollercoaster ride that is Bitcoin’s price action. The recent US presidential elections have once again proven to be an interesting period for Bitcoin, with the price hovering just above $70,000 during the election day. History suggests that this might be a crucial support level in the near future.

After the U.S. presidential elections have concluded, all that remains are the results. It’s intriguing to note that at the time of the election, Bitcoin was trading slightly above $70,000. This price point is significant because historical data suggests it could serve as a potential support level for Bitcoin in the near future. Remarkably, this trend seems to repeat itself with Bitcoin price levels during past U.S. elections.

Why Bitcoin Price Might Never Dip Below $70,000 Again

Since its upward surge started on Monday, Bitcoin has generally been climbing. Following a recovery above $67,000, it embarked on this rise and by now, the average Bitcoin price for the 2024 presidential elections is estimated to be approximately $70,110.

Over the years, significant fluctuations in Bitcoin’s value have frequently coincided with U.S. election cycles, creating key price points that often serve as foundational support for its long-term value.

To grasp this pattern, let’s examine the last four electoral contests. In 2012, on the day of the U.S. presidential election, Bitcoin was trading at a relatively low $10 – a price level that seems hard to believe today. By the 2016 election, Bitcoin’s value had skyrocketed to $710 on the same day, establishing a new benchmark it hasn’t returned to since.

After the 2020 U.S. presidential election, the Bitcoin price was approximately $13,555. Remarkably, this price hasn’t been reached again since then until now, making it a unique milestone in its history. What’s even more intriguing is that this level of support also held firm during the 2022 market crash, acting as the lowest point before the subsequent recovery.

As a crypto investor, I’ve noticed that significant election days tend to have an impact on Bitcoin prices. If this trend continues, we might see $70,110 as a robust benchmark and potential floor price for Bitcoin in the upcoming years. This level could potentially provide crucial support should a bear market arise at any point in time.

What’s Next For The Bitcoin Price?

Currently, Bitcoin is currently valued above $73,200 following a strong upward trend over the last 24 hours. This impressive rally caused Bitcoin’s value to increase by nearly 10% within just one day, reaching a peak of $75,358 during trading today. This new high surpasses its previous record set in March 2024, as Bitcoin managed to break past the previous all-time high of $73,737.

As a crypto investor, I’ve noticed that despite a slight dip in Bitcoin’s price, which might be due to some investors realizing their gains, the overall trend is poised for a resumption soon. Given this momentum, Bitcoin looks primed to test the $80,000 milestone before November comes to an end, provided the buying interest sustains and fuels the current upward trend.

Read More

2024-11-07 06:11