Bitcoin (BTC) is expected to enter a strong bullish trend after the 2024 U.S. presidential election. With the showdown between former President Donald Trump and Vice President Kamala Harris, the digital asset community is closely monitoring the election results after voting concludes.
In a post on X (formerly Twitter) by the blockchain analysis platform Spot On Chain, market volatility is predicted to increase this week due to the U.S. elections and the Federal Reserve's FOMC meeting taking place from November 6-7. These two events could potentially impact both the digital asset sector and asset prices.
Bitcoin's historical price surge after elections
Spot On Chain shared a chart showing that Bitcoin, the leading cryptocurrency, tends to rally after elections, potentially leading to a 'real bull run.' According to this platform, regardless of whether Trump or Harris wins, Bitcoin will rise, and altcoins are likely to follow suit.
Bitcoin reaching $100,000?
Spot On Chain also predicts Bitcoin will reach $100,000 by the end of the year. Currently, Bitcoin is priced at $68,962.72, up 0.67% in the past 24 hours, with a market capitalization of $1.36 trillion.
Throughout the year, analysts have forecasted that Bitcoin will reach $100,000, especially after hitting an all-time high of $73,750 in March. In August, the creator of the Bitcoin Stock-to-Flow (S2F) model, PlanB, also predicted that Bitcoin would exceed $100,000 by 2024.
According to TradingView charts, Bitcoin's Relative Strength Index (RSI) is currently at 55.64, signaling bullish control. However, the slope of the line suggests that the movement may remain stable until this cryptocurrency surpasses the resistance level of $70,000.
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