Bitcoin Price Prediction: BTC Sets New All-Time High As Donald Trump Closes On Victory In US Election, While Investors Flock To This PolitiF...

This comes after the BTC price hit a new all-time high (ATH) of $75,361 as early US election results indicated Donald Trump is set to win the race for the White House.

This topped the previous Bitcoin high set in March that followed the market euphoria after the launch of spot Bitcoin ETFs (exchange-traded funds) in the US.

#Bitcoin has just set a new all-time high, surpassing its previous record of $73.77K! pic.twitter.com/MzmReCsIbI

— Binance (@binance) November 6, 2024

Bitcoin Price To Continue Soaring

BTC price is currently near the upper resistance line of the channel, which could either lead to a breakout above this level or a pullback toward the support line of the channel. However, major indicators show that the price of Bitcoin could continue soaring.

The Bitcoin price now trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which is in line with the recent uptrend. The 50-day SMA now acts as a formidable support level of around $68,157 and a possible level of retreat.

Moreover, the Relative Strength Index (RSI) is currently at 71.44, which is in the overbought territory (above 70). This level indicates strong buying pressure but also signals a possible short-term reversal or consolidation as the asset may be overextended.

The Moving Average Convergence Divergence (MACD) line (blue) is above the signal line (orange), which is a bullish crossover indicating upward momentum. Additionally, both lines are in positive territory, which supports the bullish case.

Bitcoin Price Prediction

According to the BTC/USD chart analysis, the Bitcoin price is currently on a sustained bullish rally, and supported by major indicators therein. If the current stance continues, the price of Bitcoin could soar, with the $80,000 level posing as the next possible resistance and target.

Meanwhile, the RSI shows that Bitcoin is currently overvalued, which may be a selling signal for the bears. In such a scenario, BTC could plunge, with $68,157, within the lower boundary of the rising channel acting as the next possible support level.

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