The American presidential elections are over, and the one what stays are the outcomes. Curiously, a snapshot of the Bitcoin worth in the course of the election confirmed Bitcoin buying and selling simply above $70,000. This can be a notable worth to comply with, as historical past exhibits it might present worth assist for Bitcoin for the foreseeable future. Curiously, this phenomenon dates again to Bitcoin worth ranges throughout earlier US elections.
Why Bitcoin Value Might By no means Drop Beneath $70,000 Once more
Bitcoin has largely has been on an uptrend since Mondaywhen it launched a run after bouncing increased from $67,000. This pattern has continued, permitting the typical worth of Bitcoin in the course of the 2024 presidential elections to be round $70,110.
Traditionally, US election cycles have typically been accompanied by modifications within the worth of Bitcoin, marking essential worth ranges that have a tendency to ascertain long-term assist ranges.
HAS perceive this patternwe have to have a look at the final 4 election cycles. In 2012, in the course of the early days of the crypto trade, the worth of Bitcoin traded at a modest $10 on the day of the US presidential election, a worth that now appears nearly unimaginable. By 2016, the worth of Bitcoin on Election Day had soared to $710, setting a brand new benchmark that it has by no means revisited since.
Probably the most fascinating was what occurred after the 2020 US presidential election, when the worth of Bitcoin was buying and selling round $13,555. Bitcoin worth has by no means revisited this worth stage since then till the time of writing. What's extra fascinating is that this worth stage even served because the lowest assist stage in the course of the 2022 bear market worth crash.
If these historic developments are any indication, the worth of $70,110 on Election Day 2024 might turn out to be an identical stronghold and ground worth for Bitcoin within the years to come back. This stage might even function important assist if a bear market finally ends up taking maintain in some unspecified time in the future.
What's Subsequent for Bitcoin Value?
Presently, Bitcoin is buying and selling above $73,200 after seeing a pointy rise over the previous 24 hours. This outstanding rally noticed Bitcoin surge nearly 10% in a single day, reaching an intraday excessive of $75,358. This milestone has now turn out to be Bitcoin's highest buying and selling stage, because it surpassed its earlier all-time excessive of $73,737 in March 2024.
Though Bitcoin worth fell barely, possible attributable to some buyers benefit from latest earningsthe rally ought to resume anytime any more. Given 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
