Bitcoin Faces Threat Of Falling To $63,000 Despite Rising Odds For Trump’s Election Victory

by

As a seasoned researcher with a knack for navigating the complexities of finance and politics, I find myself intrigued by this unique intersection of Bitcoin and the US election. With over a decade of experience under my belt, I’ve seen markets sway like pendulums, influenced by everything from interest rates to presidential elections.

Amidst the tension surrounding the U.S. presidential election between Donald Trump and Kamala Harris, which is proving to be a tight race, the value of Bitcoin (BTC) has dipped slightly, currently settling near the $68,000 level.

BTC Faces Key Support Levels

Bitcoin has found it challenging to exceed its record peak of $73,700, which was reached in March after the green light for exchange-traded funds (ETFs) that hold Bitcoin was given. Despite numerous efforts to surpass this milestone, Bitcoin has encountered obstacles and is currently experiencing a price adjustment as a result.

If the price doesn’t manage to stay above $68,000, there’s a possibility it could return to the $66,600 support level. A more significant drop might then lower the price to $63,000 – a key level to watch in the upcoming days.

Regardless of the present difficulties with Bitcoin’s pricing, several experts continue to express optimism about its future. As noted by cryptocurrency analyst Ali Martinez, the period after U.S. presidential elections has typically shown Bitcoin to be quite volatile. However, over time, this volatility tends to result in an overall upward trend for Bitcoin.

In my analysis, it appears that if this observed trend persists during the ongoing election cycle, there’s a possibility that Bitcoin could challenge its former peak prices. Furthermore, there might be opportunities for significant price advancements beyond the record set approximately eight months ago.

Furthermore, Martinez points out a fresh buy signal given by the TD Sequential indicator on the 12-hour chart, implying that a possible recovery might be around the corner, which could enable Bitcoin to attempt breaking through the $73,000 resistance barrier once more.

Bitcoin To Hit $100,000 Regardless Of Election Outcome

Analyst Miles Deutscher, on the contrary, believes that Bitcoin is headed towards $100,000, regardless of who wins the November 5 election. He also suggests that a Trump victory could potentially push Bitcoin’s price even higher, with some speculative predictions pointing to prices ranging from $200,000 to $300,000.

German’s conviction is that the optimistic outlook will likely reach altcoins such as Ethereum too, potentially reaping benefits if Bitcoin experiences a surge in value during the latter half of the year.

The analysis comes as Trump has expressed 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. 

There’s a widespread opinion that a Trump-led government might be beneficial for the expansion of bitcoin, given the potential influx of investments from pension funds and financial institutions seeking portfolio diversity. This is demonstrated by the recent surge of applications for Bitcoin Exchange-Traded Funds (ETFs).

Contrarily, it’s not as straightforward to discern Kamala Harris’s stance on cryptocurrency. Unlike some other positions she holds, she hasn’t laid out a comprehensive strategy for the crypto industry as yet. However, analysts anticipate a potential change in approach from the current administration’s regulatory oversight by the U.S. Securities and Exchange Commission (SEC).

Currently, the odds at Polymarket crypto betting site suggest that Trump has a roughly 60% likelihood of defeating Harris in the imminent hours. However, conventional polls indicate a closely fought battle between these two contenders, with Trump leading in every swing state for the election.

Read More

2024-11-05 10:16