- Bitcoin rally will resume after the 2024 US presidential elections.
- Spot On Chain predicted that BTC will hit $100,000 after the elections.
- Bitcoin is trading at higher $60K price levels, and seeks to reclaim $70,000.
Bitcoin (BTC) is expected to enter a strong upward trend following the 2024 U.S. presidential election. With former President Donald Trump and Vice President Kamala Harris facing off, the digital asset community is closely watching for the election outcome after voting concludes.
In a post on X (formerly Twitter) by blockchain analytics platform Spot On Chain, market volatility is predicted to increase this week due to the U.S. election and the Federal Reserve’s FOMC meeting from November 6-7. These two events are likely to affect both the digital asset industry and asset prices.
Read also: MicroStrategy’s Bitcoin Maneuver of 1,652 BTC and Bitcoin’s Price Action
Bitcoin’s Historical Post-Election Rally
Spot On Chain shared a chart indicating that Bitcoin, the leading cryptocurrency, often gains momentum after elections, potentially leading to a “real bull run.” According to the platform, regardless of whether Trump or Harris wins, Bitcoin is set to move upward with altcoins likely to follow.
Bitcoin to $100K?
Spot On Chain has also projected Bitcoin to reach $100,000 by the end of the year. Currently, Bitcoin is priced at $68,962.72, up 0.67% in the past 24 hours, with a market cap of $1.36 trillion.
Throughout the year, analysts have forecasted Bitcoin reaching $100K, especially after it achieved an all-time high of $73,750 in March. In August, the creator of the Bitcoin Stock-to-Flow (S2F) model, PlanB, also forecasted that Bitcoin will exceed $100,000 in 2024.
According to a TradingView chart, the Relative Strength Index (RSI) for Bitcoin is currently at 55.64, signaling bullish control. However, the line’s slope suggests movement may remain steady until the cryptocurrency clears the $70,000 resistance level.
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