Bitcoin has been relatively stable over the weekend and has been moving sideways. This outlook could change as quickly as tomorrow or November 5 due to the US presidential elections. Will Bitcoin price crash going into the US elections or bounce to new highs?
Can US Elections Crash Bitcoin Price?
There is a high chance that Bitcoin price could crash ahead of the US presidential elections if Kamala Harris wins. This outlook is shared by many traders who are inadvertantly looking for a crash if Donald Trump does not win.
DonAlt, a key crypto influencer and trader, posted sarcastically that BTC could crash if Kamala Harris wins.
BTC if Kamla Wins US Elections
The reason for pessimism surrounding Harris is simple – lack of crypto-related developments or support. Furthremore, the presidential candidates has not publically disclosed massive support for crypto. As a result, investors are expecting Harris’ ascension to negatively impact the value of BTC and crypto markets.
Another trader with screename “cryptochimpanz” on X hinted to his followers that $60K to $62K is a key level for accumulation.
Bitcoin Key Accumulation Level
Bitcoin Tecnical Analysis: BTC Hovers Around Key Support
From a technical standpoint, Bitcoin price sits above a critical support level of $68,958. This is Value Area High (VAH) and Value Area Low (VAL) sits around $59,364. This range, in total, is termed as value area, this is where 70% of the volume was traded in the past seven months.
Although the weekend price action knocked value of BTC below $68,958. If bulls make a comeback this week, then Bitcoin price could continue its ascent. However, the US elections on November 5 could see the king crypto breach this key support level due to volatility. If this outlook comes to pass and $68,958 is breached, Bitcoin price could revisit $63,146, which is called Point of Control (POC) or the highest traded volume level. In dire case, Bitcoin price could revisit the VAL of $59,364.
Bitcoin Technical Analysis 1-day chart
So, yes, there is a high chance Bitcoin price could crash ahead of US elections. Post-elections, BTC could crash if Kamala Harris is declared the winner. On the other hand, if Donald Trump wins, Bitcoin price prediction hints at a retest of the ATH of $73,949.
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