The Bitcoin price trades at $37,110 as of 5:00 a.m. EST, up 2% on the day.
BTC is expected to get a boost after a pro-Bitcoin candidate wins in the Argentina presidential election.
The Latin American country has been struggling with an economic crisis with inflation rates rising above 140% in the past 12 months. This has seen a surge in support for the flagship cryptocurrency which appears to be cemented with the election of radical right-winger Javier Milei.
With the vote count of 99% nearly completed, Milei has emerged victorious, securing an impressive 55% of the valid votes. This substantial lead amounts to almost 3 million more votes than his closest competitor, solidifying his position as the winner.
Although Milei is set to assume office on December 10, his policies will be closely observed by the crypto community which is cheering this outcome, given his support for Bitcoin and his criticism of central banks, which he labels as a scam.
Michael Saylor, a renowned Bitcoin advocate, argues that Argentina should adopt Bitcoin to protect itself from inflation.
#Bitcoin is hope for Argentina. Congratulations @JMilei.
— Michael Saylor
(@saylor) November 20, 2023
Milei’s ascent to the presidency in Argentina has pushed the price of Bitcoin above $37,000 once again. This increase in the big crypto’s price has triggered double-digit gains in many altcoins, reigniting the bullishness in the market.
Bitcoin Price Remains Bullish as Bulls Eye $40K
The BTC price action has formed a symmetrical triangle on the four-hour chart (see below). At the time of writing, Bitcoin was hovering around the triangle’s resistance line at $37,400. A four-hour candlestick close above this level would suggest the ability of the buyers to sustain the higher levels.
Such a move would open the way for an increased move upwards with the first line of resistance arising from Wednesday’s high at $38,000. Above this, Bitcoin could rise to reach the optimistic target of the prevailing chart pattern at $40,000. This would represent an 8% uptick from the current price.
BTC/USD Four-hour Chart
This optimistic outlook for Bitcoin was accentuated by the position of the Relative Strength Index (RSI) above the middle line in the positive region. The price strength at 56 suggested that there were still more buyers than sellers.
The moving averages maintained their upward trajectory, suggesting that the market conditions still favored the upside. Note that Bitcoin traded above these moving averages which provided strong support on the downward. These were areas defined by the 50-period Exponential Moving Average (EMA), the 100 EMA, and the 200 EMA at $36,582, $35,994, and $34,400 respectively.
This strong support was reinforced by on-chain data from IntoTheBlocks. Its In/Out of the Money Around Price (IOMAP) model showed that the area between $36,000 and $37,100, where the 50 EMA sits, is strong compared to the immediate resistance around the $38,000 area. This was where approximately 762,240 BTC were previously bought by roughly 2.19 million addresses.
Bitcoin IOMAP Chart
Any attempts to pull Bitcoin below this area would be met by intense buying from this cohort of investors who would love to increase their profits.
On the other hand, the RSI was turning down. This suggested that BTC’s uptrend could be running out of steam as profit-booking continues. If the downturn is extended, Bitcoin could drop first toward the triangle’s support line at $36,682, embraced by the 50 EMA.
Additional support lines lie at the $36,000 psychological level, embraced by the 100 EMA, the $5,000 support floor, and later the 200 EMA.
The post Bitcoin Price Prediction: BTC Coils Above $37K as A Pro-crypto Candidate Wins Argentina Presidency appeared first on Analytics Insight.
Source: https://www.analyticsinsight.net/bitcoin-price-prediction-btc-coils-above-37k-as-a-pro-crypto-candidate-wins-argentina-presidency/