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As the United States braces for the results of the hotly contested presidential election between former President Donald Trump and Vice President Kamala Harris, Bitcoin (BTC) has seen a price decline, now hovering around the $68,000 mark.
BTC is facing key support levels
Bitcoin is struggling to surpass its all-time high of $73,700, a level achieved in March after approval… Exchange-traded funds (ETFs) that invest in cryptocurrencies. Despite numerous attempts to break this mark, Bitcoin encountered resistance, which led to the current price correction.
If it fails to maintain its position above $68,000, it may reconsider the support level of $66,600, with the possibility of another drop to $63,000 – an important threshold in the near term.
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Despite the current price challenges, many analysts maintain a bullish outlook for Bitcoin. Cryptocurrency analyst Ali Martinez Notes The days following the last US presidential elections historically showed volatility for Bitcoin; However, the general trend remained upward.
This analysis suggests that if this pattern holds true in the current election cycle, Bitcoin could retest previous highs with potential for price discovery above the milestone reached 8 months ago.
Additionally, Martinez highlights the latest developments Buy signal from the TD Sequential indicator on the 12-hour chart, indicating that a bounce could be imminent, which could allow Bitcoin to challenge the $73,000 resistance level again.
Bitcoin will reach $100,000 regardless of the election result
On the other hand, analyst Miles Deutscher confirms that Bitcoin is on a path towards $100,000, regardless of the outcome of the November 5 elections. And yet it is expected A Trump win could further raise the price cap for Bitcoin, with speculative targets ranging from $200,000 to $300,000.
Deutscher also believes this bullish sentiment extends to altcoins like Ethereum, which may also benefit from Bitcoin’s rise in the latter part of the year.
The analysis comes as Trump did Express Strong support for the cryptocurrency industry, even suggesting the potential use of Bitcoin as a strategic national reserve asset to address the country’s large national debt, currently estimated at $35 trillion.
Many believe that a Trump administration could bode well for Bitcoin’s future growth, with increased adoption and exposure from pension funds and institutions looking to diversify their portfolios, as seen in the current situation. return Of Bitcoin ETFs.
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In contrast, Kamala Harris’ position on cryptocurrency was less clear. While it has not laid out a solid plan for the digital asset sector, experts expect a shift from the regulatory scrutiny of the current Biden administration led by the US Securities and Exchange Commission (SEC).
Right now, the difference is on cryptocurrency betting site Polymarket Gives Trump’s chance of beating Harris is approximately 60% in the coming hours. On the other hand, traditional opinion polls displays A tight race between the candidates, but with Trump winning all the swing states in the election.
Featured image of DALL-E, chart from TradingView.com
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