Technical Analysts' Views on Bitcoin After the Election

$68,000 has emerged as a significant support level for Bitcoin BTC/USD after it reached a new all-time high on election night.

What Happened: In analyzing Bitcoin's performance over the last seven months, crypto trader Scient highlighted two key structures during this timeframe: one bearish and the other bullish.

Scient pointed out that the bearish pattern had established a high at $73,800 and saw lows down to $59,000. After testing the lows at $59,000, Bitcoin failed to recover, leading to a drop and creating a new low at $53,300.

Conversely, the bullish structure recorded highs at $70,000 and also had the low at $53,300. Bitcoin respected this low, briefly revisiting the $53,300 level, and managed to successfully retest this support, resulting in a bounce back up. This action confirmed the support and demonstrated the market's strength.

Also Read: Bitcoin’s All-Time High: ‘A Groundbreaking Milestone’ And ‘Strong Post-Election Rally’ Coming, Experts Predict

According to Scient, Bitcoin's current day chart is holding firm, with $68,000 serving as vital support. However, he cautioned that falling below this level could introduce further market volatility.

Crypto trader Pentoshi echoed this sentiment, expressing optimism about Bitcoin's potential momentum, projecting a rise above $100,000 in the near future:

"Hard to imagine a world where $btc doesn't trade above $100k in the next several months. But I'm guessing most people want to see an update on the alt market overall so I'll do that today. There's a lot to like" — 🐧 Pentoshi (@Pentosh1) November 6, 2024

What’s Next: The role of Bitcoin as an institutional asset class is set to be explored in depth at an upcoming event focused on the future of digital assets, scheduled for November 19.

Read Next:

• Bitcoin Hits New All-Time High As Donald Trump Wins Second Term: What Now?

Image: Shutterstock

Market news and data provided clearly confirm the current state of Bitcoin as it navigates post-election dynamics.

Bitcoin, Support, Analysis