BTC faces critical support level
Bitcoin has struggled to break through its all-time high of $73,700, which was set in March after the approval of an exchange-traded fund (ETF) to invest in the cryptocurrency. Despite multiple attempts to break through this mark, Bitcoin has faced resistance, leading to the current price correction.
Failure to sustain above $68,000 could see it revisit the $66,600 support level, with further declines likely to drop to $63,000 – an important threshold in the near term.
Despite the current price challenges, many analysts remain optimistic about Bitcoin. Cryptocurrency analyst Ali Martinez noted that historically, Bitcoin prices have been more volatile in the days following U.S. presidential elections; however, the overall trend remains upward.
The analysis suggests that if this pattern holds true during the current election cycle, Bitcoin could retest its previous highs and potentially break through the milestone reached eight months ago.
Additionally, Martinez highlighted a recent buy signal from the TD Sequential indicator on the 12-hour chart, suggesting that a rebound could be imminent, potentially allowing Bitcoin to challenge the $73,000 resistance level once again.
Bitcoin will hit $100,000 regardless of election outcome
On the other hand, analyst Miles Deutscher asserts that Bitcoin will head towards $100,000 regardless of the outcome of the November 5 election. However, he expects that a Trump victory could further increase Bitcoin’s price ceiling, with speculative targets between $200,000 and $300,000.
Deutscher further believes that this bullish sentiment extends to altcoins such as Ethereum, which may also benefit from BTC’s rally towards the end of the year.
After Trump expressed strong support for the cryptocurrency industry, he even hinted at the possibility of using Bitcoin as a strategic national reserve asset to address the country’s massive national debt, which is currently estimated at $35 trillion.
Many believe that the Trump administration could bode well for Bitcoin’s future growth, with pension funds and institutions seeking to diversify their portfolios seeing greater adoption and exposure to Bitcoin, as seen in the current resurgence of Bitcoin ETFs.
In contrast, Kamala Harris’ stance on cryptocurrencies has been less clear. While she has yet to articulate a robust plan for the digital asset space, experts predict a shift in regulatory scrutiny currently led by the U.S. Securities and Exchange Commission (SEC) under the Biden administration.
Currently, the differentials on cryptocurrency betting site Polymarket show that Trump has a nearly 60% chance of defeating Harris in the coming hours. On the other hand, traditional polls show the two candidates tied, but Trump has won every swing state in the election.
