Is This The Last Week Bitcoin (BTC) Will Ever Be Below $70K?

The US presidential elections are simply across the nook, with the world’s largest financial power anticipated to decide on between persevering with with an identical path because the previous 4 years or altering its course fully in the event that they go together with Republican candidate Donald Trump.

Whereas the financial penalties will influence tens of millions and tens of millions of individuals, the crypto group is anticipating the way it will have an effect on bitcoin and altcoins.

By no means Under $70K Once more?

The favored crypto dealer EllioTrades showcased a compelling chart earlier right this moment. It signifies that the election week on all three earlier events within the US throughout BTC’s existence really marked a low for the asset that was by no means repeated once more. Which means, that its valuation has by no means gone beneath that stage for the reason that final week earlier than the 2012, 2016, and 2020 elections.

Each US election week in Bitcoin’s historical past has been the bottom value it can ever be once more

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h/t @KrownCryptoCave pic.twitter.com/JNXSRqvMJ5

— EllioTrades (@elliotrades) November 2, 2024

The chart exhibits that bitcoin traded at round $12 in 2012, $720 in 2016, and $14,900 in 2020. The primary two value tags appear unthinkable in the meanwhile, however BTC really went near the final one in the course of the 2022 bear market. Nonetheless, it bounced off at over $16,000 and has by no means regarded again.

As such, if historical past is to repeat itself, the first cryptocurrency may by no means go beneath $70,000 once more. Recall that it jumped to $73,600 earlier this week, which was 0.1% away from a brand new all-time excessive, however failed there and has misplaced roughly 4 grand to its present price ticket of $69,500.

Who Is Higher for BTC?

There’s no apparent reply to this query, though Donald Trump might need the lead. In any case, his present stance is kind of bullish as he makes use of BTC to pay for burgers, promised to let mining thrive within the States, vowed to fireside SEC chair Gary Gensler, celebrated the sixteenth birthday of the white paper, and has even launched his personal crypto challenge.

On the similar time, the Democrats have had a seemingly harsh stance in opposition to the business. Harris has solely briefly talked about it throughout her presidential marketing campaign.

Consequently, Trump sounds just like the extra acceptable selection for crypto buyers, a minimum of on paper. Nevertheless, let’s not neglect that he was among the many vocal haters previously, calling BTC a rip-off. As such, sounding good on paper just isn’t sufficient for a lot of the group as a result of he nonetheless must comply with via on his guarantees.