30s Summary

Bitcoin could experience a significant price increase following the US elections based on previous election cycle patterns, with some experts suggesting the price could hit $80,000 by the end of 2024. However, certain price points need to be surpassed to confirm this upward trend, with some saying the critical mark is $70,200 while others claim it’s $69,000. As of October 28, Bitcoin was hovering just below its record high of around $73,800. Despite expert predictions, it is emphasized that investing is risky and requires thorough research.

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Experts predict that Bitcoin may see a boost following the US presidential elections. It’s been observed that after previous elections in 2012, 2016, and 2020, Bitcoin’s price had a bump. Some experts suggest that a bump in Bitcoin’s price after the elections could reach a new high. There’s speculation that Bitcoin could surge to $80,000 before the end of 2024, if, for example, Republicans win the presidential race.

However, for Bitcoin to reach new highs, it needs to cross a specific price point first. Popular crypto analyst Titan of Crypto points out that Bitcoin needs to surpass $70,200 to confirm this upward trend. If Bitcoin does manage to stay above this price point, it’s a good sign that the price will keep moving up, according to this analyst.

But others think that the crucial price point is $69,000. According to crypto analyst Rekt Capital, Bitcoin needs to solidify $69,000 as its new support or base level, before it can break out from its current pattern.

Just to put things in context, on October 28, Bitcoin’s price went above $70,000 for the first time since June 10. As of then, the Bitcoin price was just a tad (3.77%) below its record high of about $73,800.

Just remember, while expert predictions are interesting, investing always carries risk. Do your homework before making any decisions.