Bitcoin (BTC) last 24 hours: Volatility will increase!
Crypto investors should prepare for volatility with the US presidential election just one day away.
Traders and analysts predict that Bitcoin could move at least 10 percent. According to one trader, the price of Bitcoin could move at least 10 percent depending on which candidate wins the US presidential election on November 5. Bitcoin’s volatility has reached its highest level in the last three months, while price fluctuations have also increased.
In a post on November 4, crypto trader Daan Crypto Trades told his 389,000 X followers that Bitcoin’s weekly close was “not very clean,” but the upcoming election could change that. Daan predicted that Bitcoin’s price would move “at least 10 percent” depending on which candidate wins the election.
As of writing, Bitcoin is trading at $68,682, down 0.5 percent in the last 24 hours. In addition, according to crypto exchange Derebit, Bitcoin’s volatility index reached its highest level in the last three months on November 3.
Bitcoin came very close to ATH last week. It reached $74,649 on October 29, but experienced sharp selling pressure due to election uncertainty.
In an investment note reviewed by Cointelegraph on November 4, IG Markets analyst Tony Sycamore stated that Bitcoin needs to make a sustained break above the $74,000 resistance. If this happens, he predicted that Bitcoin could make a sharp rise to $80,000.
Sycamore also added that a sustained drop below the $65,000 support level would indicate that last week’s rally has failed and that Bitcoin could return to its seven-month downward channel.
The sentiment towards Bitcoin ahead of the election is optimistic. Market experts expect a positive trend and a few positive winds for risk assets, regardless of which candidate wins.
Trump, known as a crypto-friendly, is seen as a more positive figure for crypto assets in the short term. Trump has made many promises to protect the US crypto industry and encourage innovation.
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