As the United States anticipates the results of the tightly contested presidential election between former President Donald Trump and Vice President Kamala Harris, Bitcoin (BTC) has experienced a notable price drop, currently hovering around the $68,000 mark. Despite its struggle to surpass its all-time high of $73,700—which was achieved in March following the approval of exchange-traded funds (ETFs) that invest in the cryptocurrency—Bitcoin has faced consistent resistance, leading to the present price correction.
The cryptocurrency now faces crucial support levels. Should it fail to maintain its position above $68,000, it risks revisiting the $66,600 support level, with a further decline potentially driving it down to $63,000, an important threshold in the near term. Despite these challenges, many analysts continue to hold a bullish outlook for Bitcoin. Crypto analyst Ali Martinez notes that in the days following past US presidential elections, Bitcoin has historically shown volatility; however, the overall trend has remained upward. This analysis suggests that if this pattern holds true for the current election cycle, Bitcoin might retest its previous highs and break new ground.
Moreover, Martinez highlights a recent buy signal from the TD Sequential indicator on the 12-hour chart, which suggests a rebound could be imminent. This could potentially allow Bitcoin to challenge the $73,000 resistance level once again. Analyst Miles Deutscher goes even further, asserting that Bitcoin is on a trajectory toward $100,000, regardless of the November 5 election outcome. He anticipates that a Trump victory could elevate Bitcoin’s price ceiling even further, with speculative targets ranging from $200,000 to $300,000.
Deutscher also believes that this bullish sentiment will extend to altcoins like Ethereum, which may benefit from a BTC rally as the year draws to a close. Trump has expressed strong support for the crypto industry, even suggesting the potential use of Bitcoin as a strategic national reserve asset to address the country’s substantial 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 seeking diversification, as evidenced by the resurgence of Bitcoin ETFs.
In contrast, Kamala Harris’s position on cryptocurrency has been less defined. While she has not articulated a robust plan for the digital asset sector, experts predict a shift from the current Biden administration’s regulatory scrutiny led by the US Securities and Exchange Commission (SEC). Currently, the difference on crypto betting site Polymarket gives Trump a nearly 60% chance of beating Harris in the coming hours. However, traditional polls show an even race between the two candidates, with Trump winning in every single swing state for the election.
As the nation remains on edge awaiting the election results, Bitcoin’s price continues to be a focal point, reflecting the broader economic uncertainties intertwined with the political landscape.
