Bitcoin

Rekt (rektarb.xyz)

Adam Back

Rekt

Bitcoin is on track for a post-election breakout, according to analysts and historical chart patterns, but the most immediate hurdle is to trade above $70,200.
<h2 id="analyst-says-bitcoin-is-set-for-a-post-election-breakout">Analyst says Bitcoin is set for a post-election breakout</h2>
Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) price could be set for a rally following the 2024 presidential elections in the United States.
Based on the previous years, Bitcoin’s price saw a breakout after the US presidential elections in 2012, 2016 and 2020, according to a chart shared by Bitcoin trader Mr. Anderson in a Nov. 4 X <a data-ct-non-breakable="null" href="https://x.com/TrueCrypto28/status/1853530335109108198/photo/1" rel="null" target="null" text="null" title="null">post</a>.
<figure>
 <img alt="Analysis, Bitcoin Price, Bitcoin Analysis, Markets, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192fcd1-f3c1-767e-bc9d-f2aba3acb688" title="">
 <figcaption style="text-align: center;">
 Bitcoin/USD, 1-week chart, post-election rally. Source: Mr. Anderson/X
 </figcaption>
</figure>
Other analysts expect the post-election volatility to lead to a Bitcoin breakout to new all-time highs. Notably, Bitfinex analysts predict a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-80k-derivatives-signal-98-bitcoin-holders-profit" rel="null" target="null" text="null" title="null">Bitcoin rally to $80,000</a> before the end of 2024, driven by the options market structure and the prospect of a Republican presidential victory.
The analysts told Cointelegraph:
<blockquote>
 “Options market positioning indicates that over the past few weeks, end-of-year options have seen a significant rise in call open interest. The Dec. 27 expiry and calls with an $80,000 strike price have been the primary areas of interest.”
</blockquote>
<figure>
 <img alt="Analysis, Bitcoin Price, Bitcoin Analysis, Markets, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192fcd2-8d95-79b0-8ede-4f890c3e0e34" title="">
 <figcaption style="text-align: center;">
 Daily BTC volume throughout the US elections. Source: Standard Chartered Research, Bitfinex
 </figcaption>
</figure>
Other analysts say that Bitcoin is used as a proxy for a potential Trump victory and that this current <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-trump-hedge-macroeconomic-all-time-high" rel="null" target="null" text="null" title="null">“Trump hedge” rally</a> is lacking the fundamental macroeconomic conditions to result in an all-time high for BTC.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-fair-value-btc-never-fall-60k-economist" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-fair-value-btc-never-fall-60k-economist">Bitcoin’s fair value: BTC may never fall below $60K, says economist</a>
<h2 id="bitcoin-s-pending-price-rally-depends-on-conquering-70-200">Bitcoin’s pending price rally depends on conquering $70,200</h2>
To confirm a breakout to a new all-time high, Bitcoin needs to surpass $70,200, according to popular analyst Titan of Crypto, who wrote in a Nov. 5 X <a data-ct-non-breakable="null" href="https://x.com/Washigorira/status/1853742202595266645" rel="null" target="null" text="null" title="null">post</a>:
<blockquote>
 “Bitcoin Key Level: $70,200. After breaking Tenkan, the price often retests it and right now, Tenkan sits at $70,200. BTC needs to reclaim this level to regain bullish momentum.”
</blockquote>
 
<figure>
 <img alt="Analysis, Bitcoin Price, Bitcoin Analysis, Markets, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192fcd2-fffb-7e30-81fa-298d861779b7" title="">
 <figcaption style="text-align: center;">
 Bitcoin Ichimoku analysis, 1-day chart. Source: Titan of Crypto
 </figcaption>
</figure>
In Ichimoku or cloud analysis, the Tenkan line signals a key conversion line for the underlying asset. If Bitcoin remains above the Tenkan line, it will likely signal more upward momentum, based on the indicator.
Other analysts see $69,000 as a key price level that needs to turn into support before a breakout, according to popular crypto analyst Rekt Capital. The analyst wrote in a Nov. 5 X <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1853809946053189883" rel="null" target="null" text="null" title="null">post</a>:
<blockquote>
 “Bitcoin is going to need to turn $69,000 into new support to confirm a breakout from this Bull Flag.”
</blockquote>
 
<figure>
 <img alt="Analysis, Bitcoin Price, Bitcoin Analysis, Markets, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192fcd3-698a-7498-a3e6-4703e8197204" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-week chart, bull flag. Source: Rekt Capital
 </figcaption>
</figure>
On Oct. 28, Bitcoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-hits-70-k-after-etfs-notch-six-day-inflow-streak" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-hits-70-k-after-etfs-notch-six-day-inflow-streak">surpassed the $70,000 psychological resistance</a> for the first time since June 10, with BTC’s price just 3.77% below its all-time high of about $73,800.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/financial-institutions-bitcoin-etfs-blockstream-ceo-adam-back" rel="" target="_self" text="null" title="https://cointelegraph.com/news/financial-institutions-bitcoin-etfs-blockstream-ceo-adam-back">Financial institutions want Bitcoin and ETFs: Blockstream’s Adam Back</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin set for post-election breakout, but flipping $70K to support is the first hurdle

Table of Contents

Cointelegraph

Other articles published on Nov 5, 2024

MEET48 Has Officially Joined MVB Accelerator Program, Season 8, Jointly Run by BNB Chain, Binance...

African startups raised $254m in October 2024 led by Moniepoint’s unicorn-making raise

Polymarket payouts to be delayed unless Fox, NBC agree on US election winner

As the Presidential Elections Approach, Crypto Markets Capture Attention

U.S. Bitcoin ETFs Suffer Second-Largest Outflow Amid 2024 Election Uncertainty

Aurum Equity Partners Unveils $1B Tokenized Fund on XRP Ledger

Join our free newsletter for daily crypto updates!