The US presidential election has ended, and interestingly, a snapshot of Bitcoin's trading price during the election period shows that the Bitcoin trading price was slightly above $70,000. This is a price worth noting, as history has shown that this may be a foreseeable price support for Bitcoin in the future. Interestingly, this phenomenon can be traced back to the Bitcoin price levels during the previous few US presidential elections.
Why Bitcoin Price May Never Fall Below $70,000 Again
Bitcoin has been on an upward trend since Monday, when it rebounded from $67,000 and embarked on a bullish run. This rally has continued, resulting in an average Bitcoin price of around $70,110 during the 2024 presidential election period.
Historically, US election cycles have often coincided with changes in Bitcoin's value, marking key price points that often establish long-term support levels.
To understand this trend, we need to look back at the past four election cycles. As early as 2012, in the early days of the cryptocurrency industry, the price of Bitcoin on the US presidential election day was only $10, a price that is now almost unimaginable. By 2016, the election day price of Bitcoin had risen to $710, setting a new baseline that has never been revisited since.
The most interesting thing is what happened after the 2020 US presidential election, when Bitcoin was trading around $13,555. From that time until the writing of this article, Bitcoin has never returned to that price point. Even more interestingly, this price point served as the lowest support during the 2022 bear market price collapse.
If these historical trends are any indication, the $70,110 price on the 2024 election day could become a similar fortress and price floor for Bitcoin in the coming years. If the bear market ultimately dominates at any point, this level could even become a critical support.
How Will Bitcoin Price Trend Next?
As of now, after a significant surge in the past 24 hours, Bitcoin's trading price has exceeded $73,200. This remarkable rally has seen Bitcoin gain nearly 10% in a single day, reaching a high of $75,358 during the session. This milestone has now become Bitcoin's highest trading level, as it has surpassed the previous record of $73,737 set in March 2024.
Although the Bitcoin price has retreated slightly due to some investors taking profits, the rebound is expected to resume at any time. Considering this momentum, Bitcoin could still challenge the $80,000 mark by the end of November, especially if buying interest continues to drive the current uptrend.
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