Bitcoin’s price has been volatile, recently struggling to close above $65,000, and now hovering around $63,744. This instability is influenced by developments related to the US elections. Analysts’ forecasts indicate potential movements in Bitcoin’s price up to November. So, what are the current expert predictions?
What Are Analysts Saying?
These predictions were made before Bitcoin’s recent drop, thus there may be slight price differences. However, even short-term fluctuations should not be overemphasized. Bitcoin’s price fluctuates amid speculations that Harris might replace Biden in the election.
There are two main scenarios: Trump might win the election easily, or Biden could hand over his duties due to factors such as his age and mental state. If Bitcoin closes above $66,000, it could quickly move towards $70,000.
How Significant Are Support Levels?
Popular crypto analyst RektCapital emphasized Bitcoin’s crucial level and the need for a solid support test. He stated, “Bitcoin is not yet fully ready for a successful retest of the ~$65,000 level as new support.” Holding $63,500 is essential at the daily close to avoid rejection risks.
Concrete Insights
Key insights from the article:
- Trump or Biden’s election outcome can significantly impact Bitcoin’s price.
- Bitcoin must close above $66,000 to trigger a quicker move to $70,000.
- Holding $63,500 at daily close is crucial to avoid further declines.
- Analysts indicate bullish signals if buying pressure sustains.
- Predicted price targets range from $65,000 to $73,800 depending on various factors.
Analyst Scott Melker, also known as Wolf of All Streets, highlights the importance of positive low-time frame relative strength index signals, indicating future trends. XForceGlobal points to continued bullish trends if buying pressure remains, forecasting breaking the all-time high (ATH) and moving into the final primary wave 5. Lastly, analyst Predator expects a test of $73,800 soon.