NewsletterBitcoin Price Prediction: What to Expect From BTC Ahead of US Elections?
Highlights
- Bitcoin' price crashed 5% after inching closer to ATH and currently trends sideways over the weekend.
- Investors can expect volatility to remain low ahead of the US elections.
- On or after the US elections, BTC could whipsaw down to $59K or if bulls are strong hit new ATH of $80K.
Bitcoin has dropped 5% since it hit a local top of $73,620 on October 29. While BTC was inches away from its ATH of $73,949, it began its correction and now sits above a key support structure ahead of US elections. Will BTC break below this level and lead to a steep correction or continue its ascent to new highs? This Bitcoin price prediction answers these important questions.
Bitcoin Price Prediction Ahead of US Elections: What BTC Investors Can Expect
The outlook for Bitcoin is uncertain. BTC price is consolidating today within a $473 range. This is normal considering it’s the weekend. However, this hasn’t been the case so far. Since October 10, the world’s largest crypto by market cap, has shot up 25% and year-to-date performance stands tall around 70%. So, the chances that the election results are priced in are very high. This thesis also explains why today’s total range is just $473. So investors can expect the volatility to dry out even more as the US presidential elections due date nears.
So the perfect scneario for BTC price forecast includes a sideways movement leading up to the US elections on November 5, followed by a whipsaw that shakes out many investors in both direction before the Bitcoin climbs to new highs.
BTC Technical Analysis: Bitcoin Stands at Pivotal Point
The seven-month Bitcoin conslidation has created a value area that extends from $68,958 to $59,364. The value area also includes a Point of Control (POC), where the highest volume was traded. As of this writing, the daily BTC chart shows that Bitcoin price is hovering above the value area high (VAH) of $68,958.
Regardless of who wins, Donald Trump or Kamala Harris, BTC test new highs. In the short-term however, there are two scenarios:
- BTC could a whipsaw on or after US election results on November 5. This volatility could push BTC to retest the POC at $63,146 or even the Value Area Low (VAL) at $59,364.
- If the volatility is muted, BTC could bounce off the VAH and rally toward the all-time high of $73,949 and if the momentum is strong a new ATH of $80,000.
On the other hand, if Bitcoin price notes a strong demand before the election, it could set a new ATH and result in a crash around the US elections day.
Frequently Asked Questions (FAQs)
1. What is Bitcoin Price Doing Today?
2. How has Bitcoin performed recently?
3. What are the possible scenarios for Bitcoin's price movement after the US elections?
- Upbit Hack: Team Freezes $1.77M in Stolen Assets Amid Ongoing Investigation
- Crypto Lawyer Bill Morgan Praises Ripple’s Multi-Chain Strategy as RLUSD Hits $1.1B
- Michael Saylor Teases New Bitcoin Buy As ‘Orange Dots’ Return
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
24 Hours volume
$34.03B
Market Cap
$1.82T
Max Supply
21M
Premium Partners
