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As the United States prepares for the outcome of the close presidential election between former President Donald Trump and Vice President Kamala Harris, bitcoin (btc) has seen a price drop, now hovering around the $68,000 mark.
btc faces key support levels
bitcoin has struggled to surpass its all-time high of $73,700, a level reached in March following the approval of exchange traded funds (ETF) that invest in the cryptocurrency. Despite several attempts to surpass this mark, bitcoin has faced resistance, leading to a current price correction.
If it fails to maintain its position above $68,000, it may revisit the support level of $66,600, and a further decline could bring it down to $63,000, an important threshold in the near term.
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Despite the current price challenges, many analysts maintain a bullish outlook for bitcoin. Cryptographic analyst Ali Martínez x.com/ali_charts/status/1853535439019278361″ target=”_blank” rel=”nofollow”>grades that the days following the past US presidential election have historically shown volatility for bitcoin; However, the general trend has remained upward.
This analysis suggests that if this pattern holds in the current election cycle, bitcoin could retest its previous highs with potential to discover prices above the milestone reached 8 months ago.
Furthermore, Martínez highlights a recent x.com/ali_charts/status/1853502915417424043″ target=”_blank” rel=”nofollow”>buy signal of the TD Sequential indicator on the 12-hour chart, suggesting that a bounce could be imminent, which could allow bitcoin to challenge the $73,000 resistance level again.
bitcoin Will Reach $100,000 Regardless of Election Result
Analyst Miles Deutscher, on the other hand, claims that bitcoin is on a trajectory towards $100,000, regardless of the outcome of the November 5 election. However, he x.com/milesdeutscher/status/1853628715370238193″ target=”_blank” rel=”nofollow”>anticipates that a Trump victory could push bitcoin's price ceiling even higher, with speculative targets ranging between $200,000 and $300,000.
Deutscher further believes that this bullish sentiment extends to altcoins like ethereum, which may also benefit from a btc rally in the latter part of the year.
The analysis comes when Trump has voiced strong support for the crypto industry, even suggesting the potential use of bitcoin as a strategic national reserve asset to address the country's substantial national debt, currently estimated at $35 trillion.
Many believe that a Trump administration could bode well for the future growth of bitcoin, with greater adoption and exposure by pension funds and institutions looking to diversify their portfolios, as seen in the current resurgence of bitcoin ETFs.
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By contrast, Kamala Harris' position on cryptocurrencies has been less clear. While it has not articulated a solid plan for the digital asset sector, experts predict a shift in regulatory scrutiny from the current Biden administration led by the US Securities and Exchange Commission (SEC).
At the moment, the difference in the Polymarket crypto betting site da Trump has an almost 60% chance of beating Harris in the next few hours. On the other hand, traditional surveys x.com/BoLoudon/status/1853464883305546067″ target=”_blank” rel=”nofollow”>show an even race between the two candidates, but with Trump winning all the undecided states for the elections.
Featured image of DALL-E, chart from TradingView.com
