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As the United States prepares for the outcome of the hotly contested presidential election between former President Donald Trump and Vice President Kamala Harris, the price of Bitcoin (BTC) has fallen, now hovering around the 68 mark. 000 $.
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 (ETFs) that invest in cryptocurrency. Despite several attempts to breach this mark, Bitcoin has faced resistance, leading to a current price correction.
If it fails to maintain its position above $68,000, it could revisit the support level of $66,600, with a further decline that could take it back 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. Ali Martinez, crypto analyst Remarks that the days following the last US presidential election have historically shown volatility for Bitcoin; however, the overall trend remained upward.
This analysis suggests that if this trend continues in the current election cycle, Bitcoin could retest its previous highs with the potential for price discovery above the milestone reached 8 months ago.
Additionally, Martinez highlights a recent buy signal of the TD Sequential indicator on the 12-hour chart, suggesting that a rebound could be imminent, potentially allowing Bitcoin to challenge the $73,000 resistance level once again.
Bitcoin will reach $100,000 regardless of the election result
Analyst Miles Deutscher, meanwhile, says Bitcoin is on a trajectory toward $100,000 regardless of the outcome of the November 5 election. However, he anticipates that a Trump victory could further raise Bitcoin’s price ceiling, with speculative targets ranging from $200,000 to $300,000.
Deutscher further believes that this bullish sentiment extends to altcoins like Ethereum, which could also benefit from a BTC rally in the latter part of the year.
Analysis comes as Trump did 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 large national debt, currently estimated at $35 trillion.
Many believe that a Trump administration could bode well for the future growth of bitcoin, with increased adoption and exposure from pension funds and institutions looking to diversify their portfolios, as seen in the current recurrence Bitcoin ETFs.
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On the other hand, Kamala Harris’ position on cryptocurrencies is less clear. Although it has not developed a solid plan for the digital assets sector, experts predict a shift from the Biden administration’s current regulatory review led by the U.S. Securities and Exchange Commission (SEC). United.
Right now the difference on the Polymarket crypto betting site given Trump has a nearly 60% chance of beating Harris in the coming hours. On the other hand, traditional surveys to show a fair race between the two candidates, but with Trump winning all the swing states for the election.
Featured image of DALL-E, chart by TradingView.com
