Originally published on: November 05, 2024
As the dust settles on the 2024 presidential election in the United States, Bitcoin appears primed for a post-election breakthrough. Analysts are pointing to historical chart patterns that suggest a rally on the horizon, with the first major hurdle being a trade above $70,200.
If past trends are anything to go by, Bitcoin has shown a tendency to surge post-US presidential elections in previous years such as 2012, 2016, and 2020. A chart shared by Bitcoin trader Mr. Anderson indicates a potential breakout in the coming days.
Experts predict that the post-election volatility could propel Bitcoin to new all-time highs. Bitfinex analysts are even eyeing a surge to $80,000 by the end of 2024, citing the options market structure and the possibility of a Republican presidential victory as driving factors.
To solidify a rally towards new highs, Bitcoin must surpass the crucial $70,200 mark, according to renowned analyst Titan of Crypto. In Ichimoku analysis, the Tenkan line serves as a key indicator, suggesting that Bitcoin’s momentum will likely continue if it remains above this line.
Additionally, experts are closely watching the $69,000 level, as it needs to transition from a resistance to a support level for a breakout to occur. This critical price point must be maintained, as highlighted by popular crypto analyst Rekt Capital.
With Bitcoin recently surpassing the $70,000 psychological barrier for the first time in months, the stage is set for a potential surge beyond its previous all-time high of approximately $73,800.
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