Crypto investors should prepare for volatility with the US presidential election one day away.
Traders and analysts predict that Bitcoin may experience a movement of at least 10 percent. Bitcoin price could move at least 10 percent depending on which candidate wins the US presidential election on November 5, according to one trader. While Bitcoin’s volatility has reached its highest level in the last three months, price fluctuations have also increased.
Focus on US presidential elections
In a post on Nov. 4, crypto trader Daan Crypto Trades told his 389,000 X followers that Bitcoin’s weekly close wasn’t “very clean,” but the upcoming election could change that. Daan predicted there would be “at least a 10 percent move” in Bitcoin’s price depending on the candidate who wins the election.
As of writing the news, Bitcoin is trading at $68,682, down 0.5 percent in the last 24 hours. Additionally, Bitcoin’s volatility index reached its highest level in three months on November 3, according to data from crypto exchange Derebit.
Bitcoin could reach $80,000
Bitcoin came very close to ATH last week. It hit $74,649 on October 29, but experienced sharp selling pressure due to election uncertainty.
In an investment note reviewed by Cointelegraph on Nov. 4, IG Markets analyst Tony Sycamore noted that Bitcoin should make a sustained break above the $74,000 resistance. If this happens, he predicted that Bitcoin could rise sharply to $80,000.
Sycamore also added that a sustained decline below the $65,000 support level would indicate that last week’s rally has failed and Bitcoin could return to its seven-month-long downward channel.
Market view before the election
Sentiment towards Bitcoin ahead of the election is optimistic. Market experts expect a positive trend and a few positive winds to blow for risky assets, no matter which candidate wins.
Known as crypto-friendly, Trump is seen as a more positive figure for crypto assets in the short term. Trump has made many promises to protect the US crypto industry and encourage innovation. On the other hand, Harris refrained from making any specific comments about cryptocurrencies until September 22. However, in a short statement at the time, he said that they would encourage investments in artificial intelligence and digital assets.
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