The US presidential election has come and gone and it’s the just one all that is still is the outcomes. Curiously, a snapshot of Bitcoin's worth throughout the election confirmed Bitcoin buying and selling simply above $70,000. This can be a notable worth to observe as historical past reveals that this might be worth assist for Bitcoin for the foreseeable future. Curiously, this phenomenon goes again to the worth ranges of Bitcoin within the earlier US election.
Why Bitcoin Will By no means Fall Beneath $70,000 Once more
Bitcoin has for essentially the most half on the rise since Mondaywhen it ran after bouncing again up from $67,000. This run continued, permitting the common worth of Bitcoin throughout the 2024 presidential election to be round $70,110.
Traditionally, US election cycles have usually been accompanied by shifts in Bitcoin's worth, marking essential worth factors that are inclined to create longer-term assist ranges.
On perceive this developmentwe’ve got to have a look at the final 4 election cycles. In 2012, throughout the early days of the crypto trade, the worth of Bitcoin was buying and selling at a modest $10 on the day of the US presidential election, a worth level that appears virtually unimaginable now. By 2016, the worth of Bitcoin soared to $710 on Election Day, setting a brand new baseline that it has by no means returned to since.
Probably the most attention-grabbing factor was what occurred after the 2020 US presidential election, when the worth of Bitcoin was buying and selling round $13,555. The worth of Bitcoin has by no means recovered from that worth level till the time of writing. Extra apparently, this worth level even served because the lowest stage of assist throughout the 2022 bear market worth crash.
If these historic developments are any indication, the worth of $70,110 on Election Day 2024 may turn out to be an identical stronghold and worth ground for Bitcoin within the coming years. This stage might even function crucial assist ought to a bear market lastly 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 rally over the previous 24 hours. This outstanding rally noticed Bitcoin rise by practically 10% in a single day to achieve an intraday excessive of $75,358. This milestone has now turn out to be Bitcoin's highest buying and selling stage because it surpassed its earlier all-time excessive of $73,737 in March 2024.
Though the worth of Bitcoin has pulled again barely as a consequence of some traders cashing in on current positive aspectsa rally is anticipated proceed anytime from now. Given this momentum, Bitcoin stays well-positioned to problem the $80,000 mark by the top of November, particularly if shopping for curiosity continues to drive the present uptrend.
Featured picture created by Dall.E, chart from Tradingview.com
