Bitcoin is on track for a post-election breakout, according to analysts and historical chart patterns, but the most immediate hurdle is to trade above $70,200.

Analyst says Bitcoin is set for a post-election breakout

Bitcoin’s ( BTC ) price could be set for a rally following the 2024 presidential elections in the United States.

Based on the previous years, Bitcoin’s price saw a breakout after the US presidential elections in 2012, 2016 and 2020, according to a chart shared by Bitcoin trader Mr. Anderson in a Nov. 4 X post .

Bitcoin set for post-election breakout, but flipping $70K to support is the first hurdle image 0

Bitcoin/USD, 1-week chart, post-election rally. Source: Mr. Anderson/X

Other analysts expect the post-election volatility to lead to a Bitcoin breakout to new all-time highs. Notably, Bitfinex analysts predict a Bitcoin rally to $80,000 before the end of 2024, driven by the options market structure and the prospect of a Republican presidential victory.

The analysts told Cointelegraph:

“Options market positioning indicates that over the past few weeks, end-of-year options have seen a significant rise in call open interest. The Dec. 27 expiry and calls with an $80,000 strike price have been the primary areas of interest.”
Bitcoin set for post-election breakout, but flipping $70K to support is the first hurdle image 1

Daily BTC volume throughout the US elections. Source: Standard Chartered Research, Bitfinex

Other analysts say that Bitcoin is used as a proxy for a potential Trump victory and that this current “Trump hedge” rally is lacking the fundamental macroeconomic conditions to result in an all-time high for BTC.

Related: Bitcoin’s fair value: BTC may never fall below $60K, says economist

Bitcoin’s pending price rally depends on conquering $70,200

To confirm a breakout to a new all-time high, Bitcoin needs to surpass $70,200, according to popular analyst Titan of Crypto, who wrote in a Nov. 5 X post :

“Bitcoin Key Level: $70,200. After breaking Tenkan, the price often retests it and right now, Tenkan sits at $70,200. BTC needs to reclaim this level to regain bullish momentum.”


Bitcoin set for post-election breakout, but flipping $70K to support is the first hurdle image 2

Bitcoin Ichimoku analysis, 1-day chart. Source: Titan of Crypto

In Ichimoku or cloud analysis, the Tenkan line signals a key conversion line for the underlying asset. If Bitcoin remains above the Tenkan line, it will likely signal more upward momentum, based on the indicator.

Other analysts see $69,000 as a key price level that needs to turn into support before a breakout, according to popular crypto analyst Rekt Capital. The analyst wrote in a Nov. 5 X post :

“Bitcoin is going to need to turn $69,000 into new support to confirm a breakout from this Bull Flag.”


Bitcoin set for post-election breakout, but flipping $70K to support is the first hurdle image 3

BTC/USD, 1-week chart, bull flag. Source: Rekt Capital

On Oct. 28, Bitcoin surpassed the $70,000 psychological resistance for the first time since June 10, with BTC’s price just 3.77% below its all-time high of about $73,800. 

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