With election day around the corner, many Bitcoin watchers are on high alert for potential market swings. According to Dutch analyst Daan Crypto Trades, we should brace for volatility, as Bitcoin’s price could shift up or down by as much as 10%, all depending on the outcome of the U.S. elections.
But there’s more in play here. While many traders are keeping an eye on election results that seemed to lean toward Trump but now appear wide open, Titan of Crypto is focusing on other factors entirely. He’s asking whether Bitcoin will find a local bottom around $66,200 before a possible rebound. A chart he shared shows Bitcoin dipping below a key trendline in the Ichimoku cloud, which some interpret as a bearish signal.
Titan of Crypto points out that Bitcoin couldn’t close above the Tenkan line, a key indicator in the Ichimoku analysis, suggesting we might see more downward movement. If this current breakout heads lower, a retest of the Kijun line around $66,200 could be on the way. This level might form a local bottom, a point from which Bitcoin could start climbing again.
Earlier, Titan of Crypto highlighted $71,300 as a crucial resistance level that Bitcoin would need to flip into support to make a meaningful climb. At this point, though, we’re still far from that level. Volatility appears to be on the horizon, with upcoming events and shifting market sentiment playing a big role.
Election Results and Bitcoin’s Next Move
In his analysis on November 4, Daan Crypto Trades mentioned that Bitcoin’s weekly close wasn’t particularly clean, but it isn’t too concerning as we head into the election results. Instead, he sees the possibility of a sizable price move — at least 10% — which could go either up or down. The direction, according to him, might depend on who wins. A Trump win, he suggests, could be positive for Bitcoin, while a victory for Kamala Harris might not be as favorable.
Up, Down, or Bounce?
With the election day excitement, Bitcoin seems set for a few volatile days ahead. IG Markets analyst Tony Sycamore suggests that for Bitcoin to regain its upward momentum, it would need a “sustainable breakout above resistance” at $74,000. If this happens, he believes we could see Bitcoin push sharply toward $80,000.
However, some caution remains. Popular analyst Credible Crypto expressed concerns over Bitcoin’s weak price action, describing the range between $65,000 and $69,000 as a “must-bounce zone” for the cryptocurrency. According to him, a rebound here is critical, but he also warns that a failure could lead to a deeper correction.
Is $100,000 Still the Goal?
The big question is whether these price movements will be enough to rekindle retail investor interest in Bitcoin. Many retail investors might not feel compelled to jump back in unless Bitcoin starts approaching the much-talked-about $100,000 mark. This level isn’t just another number; it’s a psychological barrier that holds strong appeal for investors.
Investors tend to remember Bitcoin’s all-time highs, and a rise from the 2021 high of $69,000 to $80,000 might not seem groundbreaking. But if Bitcoin reaches $100,000, it could send a message that the asset is strengthening as a potential store of value, possibly setting it up as a serious competitor to gold.
At the time of writing, Bitcoin is changing hands at $68,750 according to CoinMarketCap data, slightly up over the last 24hours.
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