As the United States braces for the outcome of the closely contested presidential election between former President Donald Trump and Vice President Kamala Harris, Bitcoin (BTC) has experienced a price drop, now hovering around the $68,000 mark.\u00a0<\/p>\n
Bitcoin has struggled to surpass its all-time high of $73,700, a level achieved in March following the approval of exchange-traded funds <\/a>(ETFs) that invest in the cryptocurrency. Despite several attempts to breach this mark, Bitcoin has faced resistance, leading to a current price correction.<\/p>\n Should it fail to maintain its position above $68,000, it may revisit the $66,600 support level, with a further drop potentially taking it down to $63,000\u2014an important threshold in the near term.\u00a0<\/p>\n Despite the current price challenges, many analysts maintain a bullish outlook for Bitcoin. Crypto analyst Ali Martinez notes <\/a>that the days following past US presidential elections have historically shown volatility for Bitcoin; however, the overall trend has remained upward.\u00a0<\/p>\n This analysis suggests that if this pattern holds true in the current election cycle, Bitcoin might retest its previous highs with potential for price discovery above the milestone reached 8 months ago.<\/p>\n In addition, Martinez highlights a recent buy signal<\/a> from the TD Sequential indicator on the 12-hour chart, suggesting that a rebound could be imminent, potentially allowing Bitcoin to challenge the $73,000 resistance level again.<\/p>\n Analyst Miles Deutscher on the other hand, asserts that Bitcoin is on a trajectory toward $100,000, regardless of the November 5 election outcome. However, he anticipates <\/a>that a Trump victory could further elevate Bitcoin\u2019s price ceiling, with speculative targets ranging from $200,000 to $300,000.\u00a0<\/p>\n Deutscher further believes that this bullish sentiment extends to altcoins like Ethereum, which may also benefit from a BTC rally in the last part of the year.<\/p>\n The analysis comes as Trump has expressed <\/a>strong support for the crypto industry, even suggesting the potential use of Bitcoin as a strategic national reserve asset to address the country\u2019s substantial national debt, currently estimated at $35 trillion.\u00a0<\/p>\n Many believe that a Trump administration could bode well for bitcoin\u2019s future growth, with increased adoption and exposure from pension funds and institutions looking to diversify their portfolios, as seen in the current resurgence <\/a>of Bitcoin ETFs.<\/p>\n In contrast, Kamala Harris\u2019s position on cryptocurrency has been less clear. While she has not articulated a robust plan for the digital asset sector, experts predict a shift from the current Biden administration\u2019s regulatory scrutiny led by the US Securities and Exchange Commission (SEC).\u00a0<\/p>\n At the moment, the difference on crypto betting site Polymarket gives <\/a>Trump a nearly 60% chance of beating Harris in the coming hours. On the other hand, traditional polls show <\/a>an even race between the two candidates, but with Trump winning every single swing state for the election.\u00a0\u00a0<\/p>\n Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":" As the United States braces for the outcome of the closely contested presidential election between former President Donald Trump and Vice President Kamala Harris, Bitcoin (BTC) has experienced a price drop, now hovering around the $68,000 mark.\u00a0 BTC Faces Key Support Levels Bitcoin has struggled to surpass its all-time high of $73,700, a level achieved […]<\/p>\n","protected":false},"author":0,"featured_media":17917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17916"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17916"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17917"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin To Hit $100,000 Regardless Of Election Outcome<\/h2>\n