Bitcoin Price Drops to $68,000 Amidst Election Uncertainty
The United States is preparing for a presidential election between former President Donald Trump and Vice President Kamala Harris, coinciding with a price drop in Bitcoin (BTC), which is currently around $68,000.
BTC Faces Key Support Levels
Bitcoin has struggled to exceed its all-time high of $73,700, reached in March after the approval of exchange-traded funds (ETFs) investing in the cryptocurrency. Attempts to breach this level have met resistance, resulting in a price correction.
If Bitcoin fails to maintain above $68,000, it may test the $66,600 support level, with further declines potentially reaching $63,000—an important threshold.
Despite current challenges, analysts maintain a bullish outlook. Crypto analyst Ali Martinez notes that past US presidential elections have historically led to Bitcoin volatility but an overall upward trend. If this pattern continues, Bitcoin may retest previous highs with potential for prices to exceed the recent milestone.
Martinez also points to a recent buy signal from the TD Sequential indicator on the 12-hour chart, indicating a possible rebound and a challenge to the $73,000 resistance level.
Bitcoin To Hit $100,000 Regardless Of Election Outcome
Analyst Miles Deutscher asserts Bitcoin is on a path toward $100,000 regardless of the November 5 election outcome. He anticipates that a Trump victory could elevate Bitcoin's price ceiling, with speculative targets ranging from $200,000 to $300,000.
Deutscher believes this bullish sentiment extends to altcoins like Ethereum, which may benefit from a BTC rally later in the year. Trump's strong support for the crypto industry includes suggestions for Bitcoin as a strategic national reserve asset to address the $35 trillion national debt.
A Trump administration could enhance Bitcoin's growth prospects through increased adoption and exposure from pension funds and institutions, as evidenced by the resurgence of Bitcoin ETFs.
In contrast, Kamala Harris’s stance on cryptocurrency lacks clarity. While she has not proposed a strong plan for the digital asset sector, experts predict a shift from the Biden administration’s current regulatory scrutiny led by the US Securities and Exchange Commission (SEC).
The crypto betting site Polymarket gives Trump nearly a 60% chance of defeating Harris. Traditional polls indicate a close race, with Trump winning every swing state.
Featured image from DALL-E, chart from TradingView.com