- Bitcoin could enter a strong upward trend following the 2024 U.S. presidential election, with altcoins likely to follow.
- Blockchain analytics suggest increased volatility this week due to the U.S. election and the Federal Reserve’s FOMC meeting on Nov 6-7.
- Analysts project Bitcoin may reach $100K by year-end, with a current trading price of $68,962.72 and market cap at $1.36 trillion.
Bitcoin, the leading cryptocurrency, is anticipated to enter a strong upward trend following the 2024 U.S. presidential election. With former President Donald Trump and Vice President Kamala Harris set to face off, the digital asset market is closely monitoring the election’s impact on market dynamics, particularly as Bitcoin shows signs of a potential bull run.
Notably, recent projections from blockchain analytics platform Spot On Chain suggest increased market volatility this week, attributing this shift to both the U.S. election and the Federal Reserve’s Federal Open Market Committee (FOMC) meeting on November 6-7.
According to Spot On Chain’s analysis, these two events could collectively influence asset prices and the broader digital asset market. Analysts believe that regardless of the election outcome, Bitcoin may experience a notable upward movement, creating favorable conditions for a rally that could lift altcoins alongside it.
Analysts Project Bitcoin Surge Towards $100K by Year-End
Additionally, Spot On Chain’s insights highlight a bullish outlook for Bitcoin, forecasting it could reach $100,000 by the end of 2024. This projection arrives as Bitcoin currently trades at $68,606.72, marking a 0.57% increase in the past 24 hours and a market cap of $1.36 trillion. The cryptocurrency has shown resilience this year, with analysts maintaining strong expectations for its growth.
More so, Bitcoin achieved an all-time high of $73,750 in March, further solidifying its position as a market leader. PlanB, the creator of the Stock-to-Flow (S2F) model, also anticipates Bitcoin’s value will surpass $100,000 in the coming year, reinforcing the broader bullish sentiment.
Market Indicators Signal a Potential Rally
Moreover, according to TradingView’s technical analysis, Bitcoin’s Relative Strength Index (RSI) currently sits at 55.64. This level indicates a balance with a slight bullish inclination, suggesting that buying interest may hold control as long as Bitcoin remains above key levels. The RSI trend hints that Bitcoin’s movement may continue steadily, although breaking through the $70,000 resistance would likely fuel stronger momentum.
Hence, ss Bitcoin tracks election developments, these indicators align with Spot On Chain’s analysis that a post-election rally could take shape. With such significant political and economic events on the horizon, the cryptocurrency market remains poised for potential shifts, signaling that Bitcoin may enter a new growth phase before the year closes.
