Non Cult Crypto News

Non Cult Crypto News

in ,

Bitcoin set for post-election breakout, but flipping $70K to support is the first hurdle

Analysts say Bitcoin is ready to test new highs after the US elections conclude, but $70,000 needs to hold as support first.

COINTELEGRAPH IN YOUR SOCIAL FEED

Bitcoin is on track for a post-election breakout according to analysts and historical chart patterns, but the most immediate hurdle is to trade above $70,200.

Analyst say Bitcoin is set for a post-election breakout

Bitcoin (BTC) price could be set for a rally following the 2024 presidential elections in the United States.

Based on the previous years, Bitcoin price saw a breakout after the US presidential elections in 2020, 2016 and 2012, according to a chart shared by Bitcoin trader Mr. Anderson, in a Nov. 4 X post:

Bitcoin/USD, 1-week chart, post-election rally. Source: Mr. Anderson

Other analysts expect the post-election volatility to lead to a Bitcoin breakout to new all-time highs. Notably, Bitfinex analysts predict a Bitcoin rally to $80,000 before the end of 2024, driven by the options market structure and the prospect of a Republican presidential victory.

The analysts told Cointelegraph:

“Options market positioning indicates that over the past few weeks, end-of-year options have seen a significant rise in call open interest. The December 27th expiry and calls with an $80,000 strike price have been the primary areas of interest.”

Daily BTC volume throughout the US elections. Source: Standard Chartered Research, Bitfinex

Other analysts say that Bitcoin is used as a proxy for a potential Trump victory and that this current “Trump hedge” rally is lacking the fundamental macroeconomic conditions to result in an all-time high for BTC.

Related: Bitcoin’s fair value: BTC may never fall below $60K, says economist

Bitcoin’s pending price rally depends on conquering $70,200

To confirm a breakout to a new all-time high, Bitcoin needs to surpass $70,200, according to popular analyst Titan of Crypto, who wrote in a Nov. 5 X post:

“Bitcoin Key Level: $70,200. After breaking Tenkan, the price often retests it and right now, Tenkan sits at $70,200. BTC needs to reclaim this level to regain bullish momentum.”

Bitcoin Ichimoku analysis, 1-day chart. Source: Titan of Crypto

In Ichimoku or cloud analysis, the Tenkan line signals a key conversion line for the underlying asset. If Bitcoin remains above the Tenkan line, it will likely signal more upward momentum, based on the indicator.

Other analysts see $69,000 as a key price level, that needs to turn into support before a breakout, according to popular crypto analyst Rekt Capital. The analyst wrote in a Nov. 5 X post:

“Bitcoin is going to need to turn $69,000 into new support to confirm a breakout from this Bull Flag.”

BTC/USD, 1-week chart, bull flag. Source: Rekt Capital

On Oct. 28, Bitcoin surpassed the $70,000 psychological resistance for the first time since June 10, with BTC price just 3.77% below its all-time high of about $73,800. 

Related: Financial institutions want Bitcoin and ETFs: Blockstream’s Adam Back

This article first appeared at Cointelegraph.com News

What do you think?

Written by Outside Source

MAGA, Trump 47, FreeDum Fighters pumping on election day as Politifi tokens surge

Polymarket payouts to be delayed unless Fox, NBC agree on US election winner

Back to Top

Ad Blocker Detected!

We've detected an Ad Blocker on your system. Please consider disabling it for Non Cult Crypto News.

How to disable? Refresh

Log In

Or with username:

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

To use social login you have to agree with the storage and handling of your data by this website.

Add to Collection

No Collections

Here you'll find all collections you've created before.