Which direction will Bitcoin go in election week? The experts intervene

There will be a new president in the White House this week, and the winner will have a huge impact on the US crypto landscape for years to come.

“Regardless of who wins, we should see high volatility in the coming days,” commented Kobeissi’s letter.

Meanwhile, industry experts and analysts have been airing their thoughts over the weekend.

Up or down after the election?

Capriole Fund founder Charles Edwards opined that he doesn’t think there will be much fallout if Kamala Harris wins.

“There would be an initial shock, a relaxation of Trump trades, volume trades and a nuke within our current range,” he said before adding that there have been 8 months of consolidation, bullish ETFs and a lot of pressure for sale

“The market is pricing in odds compression until Election Day. After a post-election relaxation, who will sell?”

Meanwhile, analyst Miles Deutscher said “it seems the market is afraid of a Kamala win and is taking no chances before the election.” He added that markets hate uncertainty and a 50/50 race is the definition of that word.

“If Trump wins, I think this decrease in risk increases the bull case and, conversely, subdues the (Kamala) bear case.”

Daan Crypto Trades told his 390,000 X followers on November 4 that there is a “good chance” BTC prices will see “at least a 10% move in either direction, depending on who ends up winning the election this week” . This could lead to a dump below $60,000 or a rise to a new all-time high.

Bitcoin pioneer Anthony Pompliano polled with the majority of 16,000 voters thinking Donald Trump will win. However, the results are biased because most of its followers are into cryptography.

Tech investor and entrepreneur Mike Alfred noted that in all previous cycles, Bitcoin has made a US election week low that has never been revisited.

“This week will literally be the last time you can buy Bitcoin below $70,000.”

Trump is leading the polls

The latest Polymarket poll has Trump leading four of six key swing states that could influence the final outcome of the election.

Overall, the blockchain betting platform has Trump in the lead with a 54.8% chance, while Harris has 45.1% for national polls.

Latest Swing State Odds (% chance to win)

Arizona • Trump 76% – Harris 24%
Georgia • Trump 64% – Harris 36%
Nevada • Trump 59% – Harris 41%
Pennsylvania • Trump 54% – Harris 46%
Wisconsin • Harris 58% – Trump 42%
Michigan • Harris 59% – Trump 41% pic.twitter.com/ol96h8NMAP

— Polymarket (@Polymarket) November 4, 2024

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