The US presidential elections have concluded, leaving the results as the primary takeaway. An intriguing aspect of this period was Bitcoin’s price, which was trading just above $70,000 during the elections. This price point is significant and may serve as a future support level for Bitcoin, reflecting a recurring pattern observed during previous US election cycles.
Why Bitcoin Price Might Never Dip Below $70,000 Again
Bitcoin has been on a consistent uptrend, particularly noted since Monday, when it began a strong upward movement after recovering from $67,000. This momentum allowed Bitcoin to maintain an average price of approximately $70,110 during the 2024 presidential elections. This price level is not just a random occurrence; it marks a potential support level, as evidenced by past election cycles.
To understand this, we must delve into the history of Bitcoin prices during the last four US presidential elections. In 2012, Bitcoin was in its infancy, trading at a mere $10 on election day—a price that seems almost inconceivable today. By the 2016 elections, Bitcoin had surged to $710, establishing a new baseline it has not fallen below since.
The 2020 elections were particularly noteworthy, with Bitcoin priced around $13,555. Since then, Bitcoin has not revisited this price point, even during the 2022 bear market, where it served as the lowest support level. If these historical trends hold, the 2024 election-day price of $70,110 could similarly solidify as a significant price floor for Bitcoin in the coming years, potentially acting as a crucial support level during any future bear market.
What’s Next For The Bitcoin Price?
Currently, Bitcoin is trading above $73,200, following an impressive surge over the past 24 hours. This recent rally saw Bitcoin’s value increase by nearly 10% in a single day, reaching an intraday high of $75,358. This new peak has established Bitcoin’s highest trading level, surpassing its previous all-time high of $73,737 set in March 2024.
Although Bitcoin’s price has slightly retracted, likely due to investors securing recent gains, the rally is poised to resume shortly. With this ongoing momentum, Bitcoin is well-positioned to challenge the $80,000 threshold before the end of November, especially if the current buying interest continues to propel the uptrend.
