As expected, the Bitcoin and cryptocurrency craze will occur a few hours after the election of Republican Donald Trump. Crypto has become an election issue, with Trump proposing a friendlier policy tone than his rival Kamala Harris, who yesterday admitted Trump’s victory. Bitcoin surged 8% in early trading, over $75,000, better than the March record. For many market analysts, this is just the beginning of the Bitcoin price raise.

According to Ki Teenage Ju, CEO of CryptoQuant, the price of Bitcoin may raise further in the compact term, by up to 40%. Based on Bitcoin’s price range today, it is currently among the top ten largest financial assets by market capitalization. However, Teenage Ju cautions holders to be realistic in the compact term and recommends selling gradually as the “maximum pain” subsides.

Bitcoin hits a modern ATH. Source: Bitstamp

The cryptocurrency market is seeing a “easing period” in preparation for price increases

Now that the election fever has subsided, analysts and market observers are focusing on the cyclicality of Bitcoin and cryptocurrencies. According to Ki Teenage Ju, the behavior of BTC holders often coincides with the cyclicality of the asset. He said modern bond holders often experience price crashes during bear market months, only to find the assets changing hands two years after the “maximum pain” has subsided.

Modern investors often stick around $BTC through bear markets, constant losses.

After about two years it changes hands when the pain subsides. That time is now.

From this point on, the price can raise by +30-40%, but not as much as the +368% we saw in the case of 16k. USD. Time to consider selling gradually rather than buying the whole thing, imo. pic.twitter.com/hXRT6YBsxS

— Ki Teenage Ju (@ki_young_ju) November 6, 2024

In a post on Twitter/X, Ju added that “changing hands on assets and easing the pain” is happening now. From this point on, the CEO predicts the price will raise by 30 or even 40%. However, he warned holders that today’s market is different from when BTC jumped 368% and was trading at $16,000. dollars. For Ju, the best strategy is to sell assets gradually and never adopt an all-in buy strategy.

BTCUSD trading at $78,077 on the daily chart: TradingView.com

Bitcoin’s technical data tells a bullish, short-term story

Cryptocurrency holders and investors can also operate Bitcoin technical data for more information. Based on TradingView data, the BTC price is approaching the upper Bollinger Band, which indicates increasing dynamics. However, as these bands widen, holders and trades can expect greater volatility.

Moreover, the relative strength index (RSI) of this asset is 63, which suggests growth dynamics. Bitcoin’s RSI dropped to 56% three days before the US elections, indicating a balanced market. A neutral RSI score means that the price action is steady, without a significant decline, raise or period of consolidation. However, two days after the election, it is currently at 63, indicating bullish sentiment but not yet overbought.

Staking platforms benefit from positive price action

In addition to holders and investors, staking platforms are benefiting from Bitcoin’s recent price action. For example, Solv Protocol, a leading BTC staking platform, achieved over $2 billion in Total Value Locked (TVL). DeFiLlama reports that approximately 30,000 bets were placed under the Solv protocol. Bitcoins, an raise from the 16,340 tokens listed in mid-October. Solv Protocol’s increased activity on blockchains coincides with Bitcoin’s recent price action.

Among the products available on Solv Protocol, SolvBTC is probably the most popular, worth almost $1.11 billion. The raise in activity on Solv Protocol highlights the growing importance of staking in generating more profit in the face of erratic price movements.

Featured image from DALL-E, chart from TradingView