The Bitcoin price edged up a fraction of a percent in the last 24 hours to trade at $68,823 as of 03:29 a.m. EST on trading volume that surged 42% to $33.6 billion.

This comes after Polymarket odds of a Trump victory in tomorrow’s US election plunged 9% in the past week. They have since recovered slightly, with the Republican’s chances rising by 3% in the last 6 hours to stand at 57% as of 3:17 a.m. EST.

The Bitcoin price briefly dipped below $69,000, which prompted big liquidations in the crypto market, hitting $350 million across $259.7 million long bets and $90.1 million short bets.

Analysts have speculated that Bitcoin could rally if Trump wins after he promised to be ”crypto president” if he is elected. Trump has also promised to fire Securities and Exchange Commission Chair Gary Gensler and make the US “the world capital of crypto.”

Bitcoin Price Could Sustain Its Bullish Rally

The Bitcoin price has been on a sustained rally since September, according to the BTC/USD chart analysis on the 12-hour timeframe. BTC has been recording higher lows and higher highs as the bulls capitalized on the $56,000 support level to push the price of Bitcoin through a rising channel pattern, as data from GeckoTerminal shows.

The Bitcoin price now trades above the 50-day and 200-day Simple Moving Averages (SMAs), indicating that BTC could still soar.

However, the Relative Strength Index (RSI) seems to be on a correction, currently falling below the 50-midline line, an indication that BTC is under some selling pressure, as it trades within the lower boundary of the rising channel.

Bitcoin price investors are aiming at maintaining the current trend, which could possibly push the price of Bitcoin to the next possible target at $76,000.