Source: ETV Bharat
Key Points:
- Following the US presidential election in 2024, the bitcoin rally will restart.
- According to Spot On Chain, Bitcoin will reach $100,000 following the elections.
- Bitcoin is trading at $60K and aims to recapture $70,000.
It is anticipated that Bitcoin (BTC) would start a robust rising trend after the 2024 U.S. presidential election. Following the conclusion of voting, the digital asset community is eagerly awaiting the election result between former President Donald Trump and Vice President Kamala Harris.
The U.S. election and the Federal Reserve’s FOMC meeting from November 6-7 are expected to cause market volatility to rise this week, according to a tweet on X (previously twitter) by blockchain analytics firm Spot On Chain.
Historical Patterns of Bitcoin after the Election
An analysis of previous election cycles supports the possibility of notable price fluctuations. Renowned analyst Ali Martinez looked into Bitcoin’s patterns following the previous three presidential elections and predicted that the results will be comparable this time.
After beginning at less than $12, the price of Bitcoin soared to $1,137 in 2012, representing a rise of over 10,640%. The spike showed how exponential development could occur during election seasons.
Source: coinedition.com
Another sharp increasing trend was seen throughout the 2016 election cycle. After starting the year in the hundreds, Bitcoin shot up to about $20,000 by the end of 2017. This surge, which represented an approximate 2,698% gain, demonstrated the cryptocurrency’s potential for large price increases following elections.
Source: Ali Charts X Post
After the 2020 election, the price of Bitcoin was approximately $14,000. It increased by 386.07% to almost $69,000 by the end of 2021. This series of data point highlights the post-election rallies’ recurring tendency.
Will Bitcoin reach $100K?
By the end of the year, Bitcoin is expected to surpass $100,000, according to Spot On Chain. Bitcoin’s price is currently $68,962.72, up 0.67% over the last day, and its market capitalization is $1.36 trillion.
This year, many have predicted that Bitcoin will reach $100K, particularly after it hit a record high of $73,750 in March. In August, PlanB, the company that developed the Bitcoin Stock-to-Flow (S2F) model, predicted that Bitcoin will surpass $100,000 by 2024.
Miles Deutscher, an analyst, offered predictions on short-term market responses ahead of the impending election. He pointed out that Bitcoin’s short-term price fluctuations could be impacted by the election’s outcome.
A TradingView chart shows that the Relative Strength Index (RSI) for Bitcoin is at 55.64 right now, showing bullish control.
