Bitcoin 2024 Price Predictions and the Impact of the US Elections in the Near Future
2024-10-21
Bittime - Bitcoin 2024 price predictions are affected by a variety of factors, including the approaching US election. Learn how BTC price could move based on history and the latest technical analysis.
Bitcoin price is always a hot topic in the digital investment world. In 2024, Bitcoin price predictions have become even more interesting due to global factors, including the upcoming US election.
Many are wondering whether the price of BTC will continue to rise or fall in the coming months. Let's take a deeper dive into the ongoing trends and future predictions.
Current Bitcoin Price and Short-term Predictions
Currently, the Bitcoin price is hovering around $68,821 with projections that it will move between $64,600 to $74,800 in the next seven days.
Based on technical data, the daily RSI indicator is at 67, which indicates an overbought condition, while the weekly and monthly RSIs are at lower numbers of 57 and 66, respectively. This indicates that despite the slight selling pressure, the market is still showing strong momentum.
In the short term, the Bitcoin market is in a state of “Belief Denial”, where positive sentiment is starting to wane, but belief still remains. This often leads to price consolidation before the next big move.
Also read: Google Restores Bitcoin Price Chart After It Was Removed
Effect of the US Election on BTC Price
The US election has a huge impact on global financial markets, including Bitcoin. If we look at history, in the 2020 US election, Bitcoin experienced a 42% price spike in just one month after the election results were announced.
This trend was similar in previous elections, such as in 2016 and 2012, where Bitcoin also experienced significant increases.
In the context of the 2024 election, some analysts predict that Bitcoin could reach the $77,000 level by December, about a month after the election.
In fact, in the following three months, historical trends show a potential upside of 80-120%, which could bring the price of Bitcoin close to $132,000 by February 2025. If this cycle follows the same pattern, Bitcoin could reach $240,000 by mid-2025.
Key Drivers of Bitcoin Price
Hashrate: Bitcoin's hashrate is currently at 662m TH/s, a slight decrease from last week's 682m TH/s. This reflects fluctuations in mining activity, which often correlates with Bitcoin price.
TD Sequential: This indicator shows that Bitcoin is in the 8th day of a daily upward trend. This signals the possibility of a larger price movement in the near future.
MVRV Z-Score: This indicator helps assess whether Bitcoin is overvalued or undervalued. Currently, the MVRV score stands at 1.90, which still indicates the potential for price increases in the medium term.
Long-term Predictions and Global Political Influences
Looking further out, many analysts predict that Bitcoin still has room to grow towards the $100,000 level by the end of 2024. The main catalysts supporting this prediction include interest rate cuts by the Federal Reserve as well as the growing number of large institutions investing in Bitcoin.
From a political standpoint, support from key figures such as Donald Trump and Senator Cynthia Lummis in favor of Bitcoin as a national strategic asset could also provide a further boost to BTC prices.
Conclusion
Bitcoin price predictions in 2024 show very interesting growth opportunities, especially with global factors such as the US election.
In the next few months, BTC price is expected to rise towards $72,000 to $77,000, and could even reach $100,000 or more by the end of the year. For investors, this could be an important moment to monitor price movements and take the right steps in their investments.
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Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
