Bitcoin has dropped 5% since it hit a local top of $73,620 on October 29. While BTC was inches away from its ATH of $73,949, it began its correction and now sits above a key support structure ahead of US elections. Will BTC break below this level and lead to a steep correction or continue its ascent to new highs? This Bitcoin price prediction answers these important questions.
Bitcoin Price Prediction Ahead of US Elections: What BTC Investors Can Expect
The outlook for Bitcoin is uncertain. BTC price is consolidating today within a $473 range. This is normal considering it’s the weekend. However, this hasn’t been the case so far. Since October 10, the world’s largest crypto by market cap, has shot up 25% and year-to-date performance stands tall around 70%. So, the chances that the election results are priced in are very high. This thesis also explains why today’s total range is just $473. So investors can expect the volatility to dry out even more as the US presidential elections due date nears.
So the perfect scneario for BTC price forecast includes a sideways movement leading up to the US elections on November 5, followed by a whipsaw that shakes out many investors in both direction before the Bitcoin climbs to new highs.
BTC Technical Analysis: Bitcoin Stands at Pivotal Point
The seven-month Bitcoin conslidation has created a value area that extends from $68,958 to $59,364. The value area also includes a Point of Control (POC), where the highest volume was traded. As of this writing, the daily BTC chart shows that Bitcoin price is hovering above the value area high (VAH) of $68,958.
Regardless of who wins, Donald Trump or Kamala Harris, BTC test new highs. In the short-term however, there are two scenarios:
- BTC could a whipsaw on or after US election results on November 5. This volatility could push BTC to retest the POC at $63,146 or even the Value Area Low (VAL) at $59,364.
- If the volatility is muted, BTC could bounce off the VAH and rally toward the all-time high of $73,949 and if the momentum is strong a new ATH of $80,000.
On the other hand, if Bitcoin price notes a strong demand before the election, it could set a new ATH and result in a crash around the US elections day.
The post Bitcoin Price Prediction: What to Expect From BTC Ahead of US Elections? appeared first on CoinGape.
