Bitcoin Price Post US Election: Crash or Stable?

Bittime - The US election had a significant impact on the price of Bitcoin. This article discusses the potential for Bitcoin price movements after the US election, whether it will experience a crash or stability.

The US election taking place on November 5 is predicted to have a significant impact on Bitcoin prices. Bitcoin market conditions are currently relatively stable, but the volatility that usually occurs during election periods can cause prices to change drastically. 

The big question that arises is, whether Bitcoin price will remain stable or will it experience a big decline after the US election?

Can US Elections Drop Bitcoin Prices?

The US election has become a major highlight in various markets, including the crypto market. Bitcoin prices could experience a significant decline if the election results do not match investors' expectations. 

One possible scenario is a price crash if Kamala Harris, a candidate less known for her pro-crypto views, wins the election. Some crypto analysts and traders, such as DonAlt, implied that a Harris win could have a negative impact on Bitcoin prices.

The reason for the pessimism regarding Harris' victory is based on the lack of developments that support the crypto industry. Unlike other candidates, Harris has never openly shown his support for crypto, so investors feel that the price of Bitcoin could have a negative impact.

On the other hand, if Donald Trump wins, some analysts predict Bitcoin prices could surge and possibly retest it's all-time high (ATH) at around $73,949. This is because Trump is seen as a candidate who is more supportive of markets that are not bound by strict regulations, including crypto.

Also read: What will be the lowest price of Bitcoin in 2024? This is Analyst Prediction

Critical Support Levels for Bitcoin Price

Technically, Bitcoin is above the key support level at $68,958. This is the Value Area High (VAH), while the Value Area Low (VAL) is at $59,364. This value area is an important reference for traders, considering that 70% of trading volume in the last seven months occurred in this range. If Bitcoin prices remain in this area, it is possible that post-election volatility will not have a big impact.

However, if the support level at $68,958 is broken, the price course Bitcoin could fall all the way to the Point of Control (POC) at $63,146 or even reach the VAL level at $59,364. Experienced traders suggest the $60K to $62K level as the ideal accumulation point for Bitcoin, in case of a significant decline.

Post-US Election Predictions: Will Bitcoin Crash or Surge?

Post-election conditions will depend greatly on the election results and the economic policies taken by the elected president. If Trump takes the lead again, there is a possibility that Bitcoin prices will surge towards new highs. On the other hand, if Harris wins, the market may see a massive sell-off that could lower Bitcoin prices.

Overall, the volatility that may occur during the US election makes Bitcoin prices difficult to predict. However, key levels such as $68,958, $63,146, and $59,364 can be important references for traders to determine their investment strategy amidst market uncertainty.

With the election approaching, investors and crypto observers remain alert for any changes in Bitcoin prices, especially regarding election results that have the potential to influence economic and regulatory policies towards digital assets such as Bitcoin.

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