The US presidential elections have come and gone, and the one factor left is the outcomes. Apparently, a snapshot of the Bitcoin value in the course of the elections confirmed Bitcoin buying and selling simply above $70,000. This can be a notable value to comply with, as historical past reveals this could be the value help for Bitcoin within the foreseeable future. Apparently, this phenomenon goes again to the Bitcoin value ranges in earlier US elections.
Why Bitcoin Value Would possibly By no means Dip Beneath $70,000 Once more
Bitcoin has largely been on an uptrend since Monday, when it kicked off a run after it rebounded to the upside from $67,000. This run continued, permitting the Bitcoin common value in the course of the 2024 presidential elections to be round $70,110.
Traditionally, U.S. election cycles have typically been accompanied by shifts in Bitcoin’s worth, marking essential value factors that have a tendency to determine longer-term help ranges.
To perceive this development, we have to take a look at the previous 4 election cycles. Again in 2012, in the course of the early days of the crypto business, the Bitcoin value traded at a modest $10 on the US presidential election day, a value level that now appears virtually unimaginable. By 2016, Bitcoin’s election-day value had climbed to $710, setting a brand new baseline that it has by no means revisited since.
Essentially the most attention-grabbing one was what occurred after the 2020 US presidential election, when the Bitcoin value was buying and selling round $13,555. The Bitcoin value has by no means revisited this value level once more since then up till the time of writing. What’s extra attention-grabbing is that this value level even served because the lowest help stage in the course of the 2022 bear market value crash.
If these historic traits are any indication, the 2024 election-day value of $70,110 might change into an identical stronghold and a value flooring for Bitcoin within the coming years. This stage would possibly even function crucial help ought to a bear market finally take maintain at any level.
What’s Subsequent For The Bitcoin Value?
As of now, Bitcoin is buying and selling above $73,200 after experiencing an intense surge over the previous 24 hours. This exceptional rally noticed Bitcoin climb almost 10% inside a single day, reaching an intraday excessive of $75,358. This milestone has now change into Bitcoin’s highest buying and selling stage, because it broke previous its earlier all-time excessive of $73,737 in March 2024.
Though the Bitcoin value has pulled again barely doubtless as a consequence of some buyers cashing in on current earnings, the rally is predicted to resume anytime from now. Contemplating this momentum, Bitcoin stays well-positioned to problem the $80,000 mark earlier than the tip of November, particularly if shopping for curiosity continues to drive the present uptrend.
Featured picture created with Dall.E, chart from Tradingview.com
