Which path will Bitcoin (BTC) take after reaching its all-time high?
Republican candidate Donald Trump won the US presidential election. Bitcoin (BTC) supporter Trump reaches 270 delegates to become the 47th President of the United States. Trump’s election victory pushed BTC to its all-time high (ATH) of $75,407.
Many altcoins achieved dramatic gains on the day BTC broke its record. The fact that Elon Musk will be in the new government sent Dogecoin (DOGE) up 18%. On the other hand, 27.7% increase was seen in Uniswap.
Crypto analysts examine the scenarios that could happen to Bitcoin after Trump’s victory.
What are the expectations of Bitcoin?
Analysts have examined support levels that should hold bulls amid Bitcoin (BTC) price volatility.
Checkmate, the founder of Checkonchain, predicted that the main trend lines of the bull market are still in place and the rise will continue.
According to Cointelegraph, the 200-day simple moving average (SMA) and short-term holders’ cost basis (STH-CB) should be followed to sustain the uptrend. While the 200-day SMA points to the $63,546 level, the STH-CB highlights the $64,337 level. It is said that if BTC cannot protect $70 thousand, these support points can be tested.
As BTC broke a record, sell orders piled up to $75,500, Coinglass said. On the other hand, buyers’ orders remained concentrated at 73 thousand dollars. There are also large buy orders at $70 thousand, which is shown as a psychological support point.
In an analysis published on crypto analyst lucky chart app, X, suggested that BTC could experience a “first boom, then fall” scenario after the election.
According to the “first rise, then fall” scenario, the price of BTC will retreat to $65 thousand. The leading cryptocurrency will rise again to $74,000 if it holds $65,000.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
