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The crypto market has experienced a strong bearish pullback. This has resulted in the Bitcoin price losing ~7% in valuation over the past few days. Following this, the altcoin market has experienced a similar price action.
With a neutral start to the week, is this a good time to enter the crypto market as only a few hours remain for the next U.S. Presidential election? In this article, we have covered the potential short-term possibilities!
BTC Price Breaks Below The $70k Level!
The Bitcoin price has recorded a neutral price action over the past week by recording a variation of less than 2% during this time. Moreover, amid increased volatility, the star crypto has failed to hold its value above the $69k level.
TradingView: BTC/USDT
The SMA indicator has displayed a bearish convergence in its 1D time frame, indicating an increase in the selling pressure for the Bitcoin price.
Further, the MACD shows a rising red histogram with its averages experiencing a negative crossover. This suggests that the star crypto may continue losing value.
Trump Vs Harris Polymarket Statistics
The Polymarket has recorded a stable decline in Trump’s winning percentage. Notably, the winning percentage of Donald Trump has reduced to 57.9% from a peak of 71.5% over the recent time.
Source: Polymarket
However, on the other hand, the winning rate of Kamala Harris has increased to 42.2% from 1.3% on 26th June this year. With only a few hours remaining before the next U.S. Presidential election, investors have now entered into a FOMO-like situation.
U.S. Election 2024 Impact On Altcoins!
With increased volatility in the crypto market, the altcoin market is losing dominance to Bitcoin. Notably, BTC price has crossed the 60% mark for the first time since March 2021.
Source: CoinMarketCap
Moreover, the dominance of Ethereum has reduced to 13.2% from a high of over 18% this year. This indicates a negligible chance of an altcoin season anytime soon.
Will Bitcoin Price Hit A New High This November?
Suppose, if the odds favor the market, this could result in the BTC crypto breaching its ATH of $73,750.07 and heading toward the $80,000 range.
On the contrary, an unfavorable outcome could potentially pull the price toward its $60,000 level.
Also, read Bitcoin (BTC) Price Prediction!
FAQs
BTC price is likely to range between $68k and $70k for the next 24 hours.
Increased bullish sentiment in the crypto market post-U.S. election could potentially result in this project heading toward the $100k mark.
The market is expected to quickly retest its ATH of $73,750.07 if Trump wins. If bullish sentiment sustains, it could head toward its $80K level.