As a seasoned researcher with over two decades of experience in financial markets and a keen interest in cryptocurrencies, I have to say that predicting Bitcoin’s behavior during the US elections is a tricky business. The interplay between politics, economics, and technology can make even the most seasoned analysts dance on the edge of uncertainty.
Over the weekend, Bitcoin has shown a steady trend and seems to be holding its ground horizontally. However, this tranquil scenario might alter as soon as tomorrow or on November 5th, given the upcoming US presidential elections. Will the Bitcoin price plummet leading up to the elections or soar to unprecedented heights?
Can US Elections Crash Bitcoin Price?
It’s quite possible that the value of Bitcoin might significantly drop before the upcoming U.S. presidential elections, should Kamala Harris emerge victorious. This perspective is echoed by numerous traders who, interestingly enough, seem to anticipate a price crash if Donald Trump fails to secure another term.
In a playful tone, DonAlt – a notable figure in the crypto world as both an influencer and trader – jokingly suggested that Bitcoin might experience a downturn if Kamala Harris were to be elected.
The straightforward explanation for the pessimism about Harris is clear – there’s been little activity or endorsement related to cryptocurrency from her side. Furthermore, she hasn’t openly demonstrated significant backing for cryptocurrencies. This lack of support has led investors to anticipate that if Harris were to take office, it could potentially lower the value of Bitcoin and the overall crypto market.
A different trader using the screen name “cryptochimpanz” on platform X suggested to his audience that the price range of $60,000 to $62,000 could be significant for buying or amassing.
Bitcoin Tecnical Analysis: BTC Hovers Around Key Support
Technically speaking, the Bitcoin price currently hovers above a significant support point at roughly $68,958. This level is known as the Value Area High (VAH). The lower boundary of the value area, or Value Area Low (VAL), can be found around $59,364. Together, this range, where about 70% of the trading volume occurred over the past seven months, is referred to as the value area.
Despite a weekend’s drop pushing the value of Bitcoin below $68,958, if bullish momentum returns this week, the price of Bitcoin may carry on rising. However, the upcoming US elections on November 5 might cause Bitcoin to break through this crucial support level due to increased volatility. If this scenario unfolds and $68,958 is breached, Bitcoin’s price could revert back to its Point of Control (POC) at $63,146 or the level with the highest traded volume. In a worst-case scenario, it could revisit the Value at Risk (VAL) of $59,364.
It’s quite possible that the price of Bitcoin may experience a drop before the US elections. After the elections, if Kamala Harris is declared the winner, Bitcoin could potentially see another dip. Conversely, if Donald Trump wins, experts predict a retest of the all-time high ($73,949) for Bitcoin.
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2024-11-04 16:47