Which Way Will Bitcoin Go in Election Week? Experts Weigh In
Experts weigh in on Bitcoin's potential price movements during election week, with heightened volatility expected regardless of the outcome.
With a new president set to take office this week, the outcome of the election is expected to significantly influence the cryptocurrency landscape in the United States. Experts predict heightened volatility in the market, regardless of who emerges victorious.
“Regardless of who wins, we should see elevated volatility in the coming days,” stated the Kobeissi Letter.
Market Predictions: Up or Down?
Industry analysts have shared their insights on potential market movements following the election results.
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Charles Edwards, founder of Capriole Fund, believes that if Kamala Harris wins, there might not be a substantial dip in Bitcoin prices. He noted an initial shock might occur, leading to a "nuke" within the current trading range due to the previous months of consolidation and selling pressure.
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Miles Deutscher, an analyst, pointed out that the market seems to be "scared of a Kamala win" and is de-risking ahead of the election. He emphasized that uncertainty typically leads to market caution.
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Daan Crypto Trades indicated a "good probability" of Bitcoin experiencing at least a 10% price movement in either direction based on the election outcome, potentially pushing prices below $60,000 or to a new all-time high.
Poll Results Favor Trump
Recent polls from Polymarket show Donald Trump leading in four out of six key swing states, with a national probability of 54.8% for Trump and 45.1% for Harris.
Latest Swing State Odds (% chance of winning):
- Arizona: Trump 76% – Harris 24%
- Georgia: Trump 64% – Harris 36%
- Nevada: Trump 59% – Harris 41%
- Pennsylvania: Trump 54% – Harris 46%
- Wisconsin: Harris 58% – Trump 42%
- Michigan: Harris 59% – Trump 41%
Historical Context of Bitcoin Prices
Investor and tech entrepreneur Mike Alfred noted that historically, Bitcoin has seen a low price during the election week that has never been revisited. He remarked that this week might be the last opportunity to purchase Bitcoin below $70,000.
As the election approaches, the Bitcoin market remains uncertain, with experts divided on the potential direction of prices. The outcome will likely shape the crypto landscape for the foreseeable future.
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