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

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