The US presidential elections have come and gone, and the one thing left is the results. Interestingly, a snapshot of the Bitcoin worth throughout the elections confirmed Bitcoin buying and selling simply above $70,000. This is a notable worth to comply with, as historical past reveals this could be the worth help for Bitcoin within the foreseeable future. Interestingly, this phenomenon goes again to the Bitcoin worth ranges in earlier US elections.
Why Bitcoin Price Might Never Dip Below $70,000 Again
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 worth throughout the 2024 presidential elections to be round $70,110.
Historically, U.S. election cycles have usually been accompanied by shifts in Bitcoin’s worth, marking essential worth factors that have a tendency to ascertain longer-term help ranges.
To understand this trend, we have to have a look at the previous 4 election cycles. Back in 2012, throughout the early days of the crypto trade, the Bitcoin worth traded at a modest $10 on the US presidential election day, a worth level that now appears nearly unimaginable. By 2016, Bitcoin’s election-day worth had climbed to $710, setting a brand new baseline that it has by no means revisited since.
The most attention-grabbing one was what occurred after the 2020 US presidential election, when the Bitcoin worth was buying and selling round $13,555. The Bitcoin worth has by no means revisited this worth level once more since then up till the time of writing. What’s extra attention-grabbing is that this worth level even served because the lowest help stage throughout the 2022 bear market worth crash.
If these historic developments are any indication, the 2024 election-day worth of $70,110 might turn into an identical stronghold and a worth ground for Bitcoin within the coming years. This stage may even function crucial help ought to a bear market finally take maintain at any level.
What’s Next For The Bitcoin Price?
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 turn into Bitcoin’s highest buying and selling stage, because it broke previous its earlier all-time excessive of $73,737 in March 2024.
Although the Bitcoin worth has pulled again barely possible because of some buyers cashing in on recent profits, the rally is predicted to resume anytime from now. Considering this momentum, Bitcoin stays well-positioned to problem the $80,000 mark earlier than the tip of November, particularly if shopping for curiosity continues to drive the present uptrend.
Featured picture created with Dall.E, chart from Tradingview.com
