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What’s next for Bitcoin, Ethereum and Solana ahead of the US elections? BTC confirms rally above $70,000

Published

1 year ago

November 5, 2024

Proper now, because the US elections unfold, volatility is rising for Bitcoin. Latest occasions present that Bitcoin ETFs had one in all their worst days in historical past, with outflows of $541 million yesterday. These outflows created promoting strain, inflicting a short-term dip in Bitcoin’s worth. Regardless of this, Bitcoin has simply confirmed a brand new bullish divergence on the charts, indicating short-term worth power.

Bitcoin’s long-term election pattern

Analyst Josh from Crypto World mentioned that if we take a look at Bitcoin’s worth historical past throughout the previous US elections, we will see a sample of bullish developments after the elections. Over the previous three election cycles, Bitcoin has sometimes risen after elections, no matter whether or not a Democrat or Republican received. Traditionally, after each election there was a bull market, adopted by a bear market, then a restoration, and at last Bitcoin’s worth went up.

So based mostly on historic knowledge, no matter whether or not Harris or Trump wins the 2024 election, Bitcoin may see a bullish market within the coming yr. Within the brief time period, Bitcoin has confronted some rejection at key resistance ranges ($72,000 – $74,000), however it’s discovering assist between $66,700 and $68,300. If Bitcoin breaks above $74,000, it may attain new all-time highs.

Ethereum worth evaluation

Taking a look at Ethereum (ETH) on the 3-day chart, ETH continues to be caught in a sideways buying and selling vary. Help is round $2,150 to $2,200, and resistance is round $2,800. Over the previous day, ETH fell under a key assist stage, which now acts as resistance round $2,440 to $2,475. If the worth bounces, it might be tough to interrupt above this stage.

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Solana worth evaluation

Then, Solana (SOL) on the every day chart, it just lately closed under $159, which is a bearish signal. Nevertheless, if SOL can rapidly break again above this stage, a fakeout may happen and the worth may get well. But when it fails to regain this stage, the worth may fall in direction of $150, with additional assist round $137 to $142.