The US presidential elections are now behind us, and what’s left are the outcomes. Notably, a look at the Bitcoin price during the election period revealed it trading slightly above $70,000. This figure is significant, as historical patterns suggest it could serve as a support level for Bitcoin in the near future. This trend extends back to Bitcoin’s price points during prior US elections.
Reasons Bitcoin Price May Not Fall Below $70,000 Again
Since Monday, Bitcoin has been on a consistent rise as it kicked off a surge following its rebound from $67,000. This ascent has set the average Bitcoin price during the 2024 presidential election at approximately $70,110.
Historically, U.S. election cycles have often witnessed fluctuations in Bitcoin’s value, highlighting critical price points that frequently establish long-term support levels.
To analyze this trend, examining the last four election cycles is key. In 2012, during the nascent phase of the crypto market, Bitcoin was priced at a mere $10 on the election day—a figure that is hard to fathom today. By 2016, Bitcoin’s election-day price had surged to $710, establishing a new baseline that has not been returned to since.
The most striking instance occurred after the 2020 US presidential election when Bitcoin was valued at around $13,555. Since then, it has not revisited this price level and, notably, it served as the lowest support during the 2022 bear market crash.
Should these historical patterns hold true, the election-day price of $70,110 in 2024 could establish a similar stronghold and act as a price floor for Bitcoin in the upcoming years. This level may also provide critical support if a bear market were to emerge at any point.
What Lies Ahead for Bitcoin’s Price?
Currently, Bitcoin is trading above $73,200 following a significant surge in the last 24 hours. This impressive rally propelled Bitcoin nearly 10% higher within a single day, reaching an intraday peak of $75,358, marking it as the highest trading point after surpassing the all-time high of $73,737 set in March 2024.
While there has been a slight pullback in Bitcoin’s price, likely due to some investors taking profits, expectations are that the rally will continue shortly. Given this momentum, Bitcoin appears well-equipped to target the $80,000 threshold before the end of November, especially if strong demand sustains the upward trend.
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