The US presidential election is over and it’s the only one The only thing left are the results. Interestingly, a snapshot of Bitcoin’s price during the election showed Bitcoin trading just above $70,000. This is a price worth watching because history shows that this could be price support for Bitcoin for the foreseeable future. Interestingly, this phenomenon has its roots in Bitcoin price levels from the previous US elections.
Why Bitcoin’s price may never fall below $70,000 again
Bitcoin largely has been in an upward trend since Mondaywhen it started rising after rebounding up from $67,000. This trend continued, bringing the average Bitcoin price during the 2024 presidential election to around $70,110.
Historically, U.S. election cycles have often been accompanied by changes in Bitcoin’s value, marking key price points that tend to establish long-term support levels.
Down understand this trendwe need to look at the last four election cycles. In 2012, in the early days of the cryptocurrency industry, on the day of the US presidential election, the price of Bitcoin was a modest $10, which now seems almost unimaginable. By 2016, Bitcoin’s election day price had soared to $710, setting a modern base level to which it never returned.
The most fascinating thing was what happened after the 2020 US presidential election, when the price of Bitcoin was around $13,555. Since then, up to the time of this writing, the price of Bitcoin has never returned to this price point again. What’s more fascinating is that this price point was even the lowest support level during the 2022 bear market price crash.
If these historical trends are any indication, the 2024 Election Day price of $70,110 could become a similar stronghold and floor price for Bitcoin in the coming years. This level could even serve as critical support should a bear market occur at any point.
What’s next for Bitcoin’s price?
Bitcoin is currently trading above $73,200 after a sturdy rally over the past 24 hours. This extraordinary surge caused Bitcoin to surge almost 10% in a single day, reaching an intraday high of $75,358. This milestone has now become the highest trading level for Bitcoin as it surpassed the previous all-time high of $73,737 in March 2024.
Although the price of Bitcoin has dropped slightly, probably due to some investors cash in on recent profitsa rally is expected resume anytime from now on. Given these dynamics, Bitcoin remains well-positioned to break the $80,000 mark before the end of November, especially if purchasing interest continues to fuel its current uptrend.
Featured image created with Dall.E, chart from Tradingview.com
