Originally published on: November 05, 2024
Bitcoin’s price skyrocketed by 3.7% as the United States presidential election stirred up volatility in the cryptocurrency market. On November 5th, BTC reached almost $70,300 on Bitstamp, only to quickly correct back to $69,500. The sudden surge caught many traders off guard, resulting in liquidations of short positions.
Notable trader Exitpump noted the unexpected spike in spot buying that drove the latest BTC price action. Some analysts compared the current situation to past election years, with speculations that Bitcoin may have already hit a local bottom before the US election.
In its Weekly Report, onchain analytics platform CryptoQuant highlighted the similarities between Bitcoin’s post-election rallies in the last three US presidential elections. The firm described Bitcoin as “fairly valued” and suggested that positive catalysts following the elections could lead to a price rally.
Market volatility is on the rise, with trading firm QCP Capital predicting a potential 3.5% swing in BTC spot prices on election night. Despite the election buzz, Charles Edwards of Capriole Investments remains bullish on Bitcoin, pointing to increased inflows into US spot Bitcoin exchange-traded funds (ETFs).
It’s essential to note that this article does not offer investment advice. Investors should conduct their own research and analysis before making any financial decisions. Stay informed with critical insights on investment opportunities and market trends by subscribing to our Markets Outlook newsletter. By subscribing, you agree to our Terms of Service and Privacy Policy.
