Is This The Last Week Bitcoin (BTC) Will Be Below $70,000?

The US presidential election is just around the corner, and the world’s largest economic powerhouse is expected to choose between continuing on a path similar to the past four years or changing course completely if it goes with Republican candidate Donald trump

While the economic fallout will affect millions and millions of people, the crypto community is anticipating how it will affect bitcoin and altcoins.

Never below $70,000 again?

Popular crypto trader EllioTrades showed a compelling chart today. It indicates that election week on the three previous occasions in the US during BTC’s existence marked a low for the asset that was never repeated. That is, his rating has never fallen below this level since the last week before the 2012, 2016 and 2020 elections.

Every US election week in Bitcoin history has been the lowest price it will ever be again

4 days left

Tic Tac

h/t @KrownCryptoCave pic.twitter.com/JNXSRqvMJ5

— EllioTrades (@elliotrades) November 2, 2024

The chart shows that bitcoin traded around $12 in 2012, $720 in 2016, and $14,900 in 2020. The first two price tags seem unthinkable at the moment, but BTC actually came close to the latter during the bear market of 2022. However, it bounced back above $16,000 and has never looked back.

Therefore, if history repeats itself, the main cryptocurrency may not drop below $70,000 again. Remember, it jumped to $73,600 earlier this week, which was 0.1% away from a new all-time high, but failed there and has lost roughly four grand from its current price of $69,500.

Who is best for BTC?

There is no obvious answer to this question, although Donald Trump might have the lead. After all, his current position is pretty bullish, as he uses BTC to pay for burgers, promised to make mining boom in the States, promised to fire SEC Chairman Gary Gensler, celebrated the 16th anniversary of the white paper, and even and everything has launched its own cryptographic project.

At the same time, Democrats have taken a seemingly tough stance against the industry. Harris has only mentioned it briefly during his presidential campaign.

Consequently, Trump seems like the best fit for crypto investors, at least on paper. However, let’s not forget that in the past I used to be among the vocal haters, calling BTC a scam. As such, sounding good on paper is not enough for most of the community because they still need to deliver on their promises.

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