After surging above $72,000 earlier this week, Bitcoin price experienced an unexpected crash below the $70,000 level before the edit US presidential elections. Reports cite the impact of whales and the upcoming US presidential election results as catalysts for the price drop.

Bitcoin price falls as market prepares for US election results

Bitcoin price appears to have experienced: pre-election disaster. It is currently trading below the $70,000 mark, having fallen over 3.64% in just a few days. Many label it acute decline to $68,000 as “Bitcoin’s biggest crash”, signaling that the most significant crisis in Bitcoin’s history has just begun.

Market intelligence platform Santiment noted the recent Bitcoin crash, underlining decreasing number of non-empty portfolios among investors. According to the analytical platform, there were 211,540 fewer addresses than three weeks ago. This massive reduction is seen as a sign of intense fear, uncertainty and doubt (FUD), usually associated with future growth performance and a tight market.

Currently, The cryptocurrency market is in suspension mode as investors, both retail and institutional, await the results of the US presidential election. Even immense Bitcoin investors, often called “Whales”, have been relatively mute, adopting a “wait and see” attitude as they closely watch the US election results influence market dynamics.

Santiment too notes that Bitcoin whales are limiting their trading activity, signaling a change in market sentiment. Market intelligence stated that “Bitcoin whales are patiently waiting for the US presidential election results as their activity stabilizes after last week’s high near the cryptocurrency’s peak.

The US election results are in expected will start flowing today, and many cryptocurrency traders and investors are already preparing for high market volatility and unpredictability. There has also been a acute augment in mentions related to X (formerly Twitter). presidential candidate Donald Trumpwhich has gained significant support from various members of the crypto community.

How the US presidential election may affect the BTC price

Many cryptocurrency analysts have different opinions and predictions regarding the future of the cryptocurrency market after the US presidential elections. With the main candidates Kamala Harris or Trump are competing for presidentinvestors and cryptocurrency experts are closely watching the market for changes.

According to cryptocurrency analyst Crypto Rover, when the last President Trump won the US elections, Bitcoin rose by 2,714%. The analyst does suggested that if history repeats itself, that is, if Trump wins the current presidential election and Bitcoin’s price sees a similar augment, then the pioneering cryptocurrency could be worth $2 million by 2025.

What’s more, Santiment has revealed that in the previous election in November 2016, the price of Bitcoin fell by 5.5% after Trump was declared president. In contrast, in November 2020, the price of Bitcoin increased by 22.6% after the announcement of Joe Biden as president.

Based on public sentiment on X, it appears that many in the crypto community support this initiative Trump to be the next US president. However, Adam Khoo, a cryptocurrency analyst, did excellent that over 50 million US citizens have already voted in US elections, and exit polls indicate a significant victory for Harris.

Featured image created with Dall.E, chart from Tradingview.com