As a seasoned researcher with over a decade of experience in the cryptocurrency market, I find myself intrigued by the current analysis surrounding Bitcoin’s potential post-election breakout. Having witnessed the 2017 bull run and subsequent crash, as well as the more recent 2020 rally, I can attest to the unpredictable yet captivating nature of this digital asset.
According to experts and past trends, Bitcoin appears to be poised for a surge following the election. However, the biggest challenge right now lies in exceeding the price of $70,200.
Analyst say Bitcoin is set for a post-election breakout
The value of Bitcoin (BTC) might surge after the 2024 U.S. presidential elections, according to some predictions.
According to a chart posted by Bitcoin trader Mr. Anderson on November 4th, the price of Bitcoin has historically experienced a surge following U.S. presidential elections in 2012, 2016, and 2020.
Analysts from various quarters anticipate that the uncertainty following the elections could trigger a surge in Bitcoin prices, potentially reaching unprecedented peaks. Interestingly, analysts at Bitfinex foresee a significant Bitcoin price increase to approximately $80,000 by the year 2024. This projection is based on factors such as the structure of the options market and the possibility of a Republican candidate winning the presidency.
The analysts told CryptoMoon:
“Options market positioning indicates that over the past few weeks, end-of-year options have seen a significant rise in call open interest. The December 27th expiry and calls with an $80,000 strike price have been the primary areas of interest.”
Some experts argue that Bitcoin is being utilized as a surrogate for a possible Trump triumph, and they believe that the ongoing “Trump protection” surge may not have the essential underlying economic factors needed to reach a record peak for Bitcoin.
Bitcoin’s pending price rally depends on conquering $70,200
For Bitcoin to establish a new record peak, it must exceed the price point of approximately $70,200, as suggested by well-known cryptocurrency analyst Titan of Crypto, based on his November 5 blog post.
“Bitcoin Key Level: $70,200. After breaking Tenkan, the price often retests it and right now, Tenkan sits at $70,200. BTC needs to reclaim this level to regain bullish momentum.”
In the context of Ichimoku or cloud analysis, the Tenkan line serves as a crucial turning point for the underlying asset. When Bitcoin stays above the Tenkan line, it usually suggests an increase in bullish sentiment, implying potentially stronger upward movements according to this technical indicator.
According to well-known cryptocurrency analyst Rekt Capital, the price of $69,000 is considered crucial. It should transform into a level of support for a potential breakout to occur. In a November 5 tweet, the analyst expressed this idea.
“Bitcoin is going to need to turn $69,000 into new support to confirm a breakout from this Bull Flag.”
On October 28th, Bitcoin broke through the significant barrier of $70,000 for the first time since June 10th. At the moment, its value is only 3.77% below its all-time peak of approximately $73,800.
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2024-11-05 20:15