The US presidential elections have come and gone, and the one factor left is the outcomes. Curiously, a snapshot of the Bitcoin value in the course of the elections confirmed Bitcoin buying and selling simply above $70,000. It is a notable value to comply with, as historical past reveals this is likely to be the value assist for Bitcoin within the foreseeable future. Curiously, this phenomenon goes again to the Bitcoin value ranges in earlier US elections.
Why Bitcoin Value May By no means Dip Under $70,000 Once more
Bitcoin has largely been on an uptrend since Monday, when it kicked off a run after it rebounded to the upside from $67,000. This run continued, permitting the Bitcoin common value in the course of the 2024 presidential elections to be round $70,110.Â
Traditionally, U.S. election cycles have typically been accompanied by shifts in Bitcoin’s worth, marking essential value factors that have a tendency to ascertain longer-term assist ranges.Â
To perceive this development, we have to have a look at the previous 4 election cycles. Again in 2012, in the course of the early days of the crypto business, the Bitcoin value traded at a modest $10 on the US presidential election day, a value level that now appears nearly unimaginable. By 2016, Bitcoin’s election-day value had climbed to $710, setting a brand new baseline that it has by no means revisited since.
Essentially the most fascinating one was what occurred after the 2020 US presidential election, when the Bitcoin value was buying and selling round $13,555. The Bitcoin value has by no means revisited this value level once more since then up till the time of writing. What’s extra fascinating is that this value level even served because the lowest assist degree in the course of the 2022 bear market value crash.Â
If these historic developments are any indication, the 2024 election-day value of $70,110 might grow to be an identical stronghold and a value flooring for Bitcoin within the coming years. This degree would possibly even function vital assist ought to a bear market finally take maintain at any level.
What’s Subsequent For The Bitcoin Value?
As of now, Bitcoin is buying and selling above $73,200 after experiencing an intense surge over the previous 24 hours. This exceptional rally noticed Bitcoin climb almost 10% inside a single day, reaching an intraday excessive of $75,358. This milestone has now grow to be Bitcoin’s highest buying and selling degree, because it broke previous its earlier all-time excessive of $73,737 in March 2024.
Though the Bitcoin value has pulled again barely seemingly on account of some traders cashing in on current income, the rally is anticipated to resume anytime from now. Contemplating this momentum, Bitcoin stays well-positioned to problem the $80,000 mark earlier than the top of November, particularly if shopping for curiosity continues to drive the present uptrend.
Featured picture created with Dall.E, chart from Tradingview.com
