Originally published on: November 05, 2024
Bitcoin is gearing up for a significant surge post-election, with analysts and historical data suggesting a breakout is on the horizon. However, the key challenge at the moment is for Bitcoin to maintain above the $70,200 mark.
As the price of Bitcoin hovers around $74,985, experts anticipate a rally following the 2024 US presidential elections. Historical chart patterns indicate that Bitcoin has experienced breakouts after previous presidential elections in 2012, 2016, and 2020, as highlighted by Bitcoin trader Mr. Anderson.
Analysts predict that the post-election volatility could propel Bitcoin to new all-time highs. Some analysts even forecast a rally up to $80,000 by the end of 2024, citing factors such as the options market structure and the potential outcome of the Republican presidential victory.
In order to confirm this breakout to new highs, Bitcoin must surpass the critical $70,200 level, according to renowned analyst Titan of Crypto. The Ichimoku analysis also indicates that Bitcoin’s upward momentum is likely to continue if it remains above this key level.
Additionally, other analysts point to $69,000 as a crucial price level that needs to transition into a strong support before a breakout can occur. Recent data shows that Bitcoin surpassed the psychological resistance of $70,000 on October 28, coming closer to its previous all-time high of approximately $73,800.
While Bitcoin’s future remains uncertain, the potential for a post-election breakout is evident. Stay informed with the latest insights and analysis to make informed investment decisions in the ever-evolving cryptocurrency market. Subscribe to our newsletter for more updates and expert opinions. Remember, all investment decisions carry risks, so conduct thorough research before making any choices.
