The US presidential election has come and gone, and the only one The only thing left to do is the results. Interestingly, a snapshot of the Bitcoin price during the election showed Bitcoin trading at just over $70,000. This is a notable price to keep an eye on, as history shows that this could be the support for Bitcoin’s price for the foreseeable future. Interestingly, this phenomenon goes back to Bitcoin price levels in the previous US elections.
Why Bitcoin’s price may never fall below $70,000 again
Bitcoin has achieved quite a lot It has been in an uptrend since Mondaywhen it started its rally after rebounding to the upside from $67,000. This trajectory continued, allowing the average price of Bitcoin during the 2024 presidential election to reach around $70,110.
Historically, US election cycles have often been accompanied by shifts in Bitcoin’s value, representing crucial price points that tend to create long-term support levels.
to Understand this trendWe need to look at the past four election cycles. In 2012, during the early days of the cryptocurrency industry, the price of Bitcoin traded at a modest $10 on the day of the US presidential election, a price point that now seems almost unimaginable. By 2016, the price of Bitcoin on Election Day had risen to $710, setting a new baseline that has not been revisited since.
Most interesting is what happened after the 2020 US presidential election, when Bitcoin was trading around $13,555. Bitcoin price has not revisited this price point again since then and at the time of writing. What’s even more interesting is that this price point served as the lowest support level during the 2022 bear market price collapse.
If these historical trends are any indication, the 2024 Election Day price of $70,110 could become a similar stronghold and price floor for Bitcoin in the coming years. This level could serve as crucial support if a bear market eventually takes hold at any point.
What’s next for Bitcoin price?
As of now, Bitcoin is trading at over $73,200 after witnessing a sharp rise in the last 24 hours. This remarkable rally saw Bitcoin rise almost 10% within a single day, reaching an intraday high of $75,358. The milestone is now Bitcoin’s highest trading level, surpassing its previous all-time high of $73,737 in March 2024.
Although the price of Bitcoin has likely declined a bit due to some investors Take advantage of recent profitsThe assembly is expected Resume any time now. Given this momentum, Bitcoin remains well positioned to challenge the $80,000 mark before the end of November, especially if buying interest continues to drive the current uptrend.
Featured image created with Dall.E, chart from Tradingview.com
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