The US presidential elections have come and gone, and the one thing left is the results. Curiously, a snapshot of the Bitcoin value throughout the elections confirmed Bitcoin buying and selling simply above $70,000. This can be a notable value to observe, as historical past reveals this could be the value help for Bitcoin within the foreseeable future. Curiously, this phenomenon goes again to the Bitcoin value ranges in earlier US elections.
Why Bitcoin Worth Would possibly By no means Dip Beneath $70,000 Once more
Bitcoin has largely been on an uptrend since Monday, when it kicked off a run after it rebounded to the upside from $67,000. This run continued, permitting the Bitcoin common value throughout the 2024 presidential elections to be round $70,110.
Traditionally, U.S. election cycles have usually been accompanied by shifts in Bitcoin’s worth, marking essential value factors that have a tendency to determine longer-term help ranges.
To understand this trend, we have to have a look at the previous 4 election cycles. Again in 2012, throughout the early days of the crypto business, the Bitcoin value traded at a modest $10 on the US presidential election day, a value level that now appears virtually unimaginable. By 2016, Bitcoin’s election-day value had climbed to $710, setting a brand new baseline that it has by no means revisited since.
Probably the most fascinating one was what occurred after the 2020 US presidential election, when the Bitcoin value was buying and selling round $13,555. The Bitcoin value has by no means revisited this value level once more since then up till the time of writing. What’s extra fascinating is that this value level even served because the lowest help stage throughout the 2022 bear market value crash.
If these historic tendencies are any indication, the 2024 election-day value of $70,110 may develop into an identical stronghold and a value flooring for Bitcoin within the coming years. This stage may even function important help ought to a bear market ultimately take maintain at any level.
What’s Subsequent For The Bitcoin Worth?
As of now, Bitcoin is buying and selling above $73,200 after experiencing an intense surge over the previous 24 hours. This outstanding rally noticed Bitcoin climb almost 10% inside a single day, reaching an intraday excessive of $75,358. This milestone has now develop into Bitcoin’s highest buying and selling stage, because it broke previous its earlier all-time excessive of $73,737 in March 2024.
Though the Bitcoin value has pulled again barely probably resulting from some buyers cashing in on recent profits, the rally is predicted to resume anytime from now. Contemplating this momentum, Bitcoin stays well-positioned to problem the $80,000 mark earlier than the top of November, particularly if shopping for curiosity continues to drive the present uptrend.
Featured picture created with Dall.E, chart from Tradingview.com
