Bitcoin has been relatively stable over the weekend and has been moving sideways. This outlook could change as quickly as tomorrow or November 5 due to the US presidential elections. Will Bitcoin price crash going into the US elections or bounce to new highs?
Can US Elections Crash Bitcoin Price?
There is a high chance that Bitcoin price could crash ahead of the US presidential elections if Kamala Harris wins. This outlook is shared by many traders who are inadvertantly looking for a crash if Donald Trump does not win.
DonAlt, a key crypto influencer and trader, posted sarcastically that BTC could crash if Kamala Harris wins.
The reason for pessimism surrounding Harris is simple – lack of crypto-related developments or support. Furthremore, the presidential candidates has not publically disclosed massive support for crypto. As a result, investors are expecting Harris’ ascension to negatively impact the value of BTC and crypto markets.
Another trader with screename “cryptochimpanz” on X hinted to his followers that $60K to $62K is a key level for accumulation.
Bitcoin Tecnical Analysis: BTC Hovers Around Key Support
From a technical standpoint, Bitcoin price sits above a critical support level of $68,958. This is Value Area High (VAH) and Value Area Low (VAL) sits around $59,364. This range, in total, is termed as value area, this is where 70% of the volume was traded in the past seven months.
Although the weekend price action knocked value of BTC below $68,958. If bulls make a comeback this week, then Bitcoin price could continue its ascent. However, the US elections on November 5 could see the king crypto breach this key support level due to volatility. If this outlook comes to pass and $68,958 is breached, Bitcoin price could revisit $63,146, which is called Point of Control (POC) or the highest traded volume level. In dire case, Bitcoin price could revisit the VAL of $59,364.
So, yes, there is a high chance Bitcoin price could crash ahead of US elections. Post-elections, BTC could crash if Kamala Harris is declared the winner. On the other hand, if Donald Trump wins, Bitcoin price prediction hints at a retest of the ATH of $73,949.
Frequently Asked Questions (FAQs)
Yes. There’s a high chance Bitcoin’s price could crash ahead of the US presidential elections if Kamala Harris wins.
Bitcoin’s price sits above a critical support level of $68,958 (Value Area High) and could potentially revisit $63,146 (Point of Control) or $59,364 (Value Area Low).
If Donald Trump wins, Bitcoin’s price may retest its all-time high of $73,949, while a Kamala Harris win could lead to a price crash.
Akash Girimath
Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-bitcoin-price-crash-after-us-elections/
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