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A potential Bull Run happening on the eve of the upcoming US election has been the dream of many investors, and many of them believe it’s here! Speculation has remained high throughout the weekend as Bitcoin approaches USD 70K, with most seeing the start of a major Bitcoin rally.
Despite facing various hurdles and a roller coaster in the market over the last few months, the largest cryptocurrency showed great endurance and bounced back to reclaim the $70,000 milestone over the last few days. Many key indicators now show that the highly anticipated Bull Run will happen within the next few days.
The Effect of a Trump Win
The November 5, 2024, US elections may have played a significant role among analysts who foresee the Bull Run happening, considering most of them believe a Trump win has the potential to create a Bitcoin rally that would push BTC above $80,000 and possibly close to $125,000 by the end of the year. Additionally, there has been continued institutional interest associated with the emerging ETF market, where at least $32.9 billion in inflows has been achieved in recent days, suggesting the presence of strong momentum.
As Bitcoin approaches USD 70K, pundits predict more inflows not only for BTC but altcoins that are likely to follow suit. The possibility of a transformative Bull Run happening has also been galvanized by the ongoing interest shown by a few central banks. According to a recent report by David Lawant, head of research at FalconX, the outcome of tomorrow’s United States elections will most likely play a significant role within the entire cryptocurrency market. Lawant predicts a Bitcoin rally as a result of increased volatility should the election results be “too close to call” and they take “too much time to reach an outcome.”
Potential New All-Time High
Regarding the possibility of a Bull Run happening following the outcome of the US elections, WonderFi CEO Dean Skurka recently stated in a media interview the price of BTC was likely to surge ultimately, irrespective of who wins. According to Skurka, the Federal rate cuts in the United States and Canada might play a role as Bitcoin approaches USD 70K and beyond within the next 6-24 months. Moreover, the enhanced near-term investor sentiment and increased institutional investment could help BTC rise beyond $70,000 and help pull along a few strong altcoins.
Renowned crypto analyst Ali Martinez also foresees a Bull Run Happening courtesy of the recent Bitcoin rally that slightly surpassed the $70,000 resistance level. According to Martinez, a $72,000 price is feasible within the next few days, and the development could pave the way for a new all-time-high that will eventually herald the Bull Run.
Bulls Pumping Towards $72,000
In a recent X post, Martinez opined that the USD 72K mark wasn’t difficult to reach, considering the king of crypto had held firm above $65,000 and has comfortably sat above $70,000 after the latest October 29 Bitcoin Rally. Consequently, Martinez sees a Bull Run happening soon, with $72,000 being imminent as the starting position. If his prediction holds, the analyst foresees Bitcoin rising to as high as $78,000 within days in the aftermath of the US elections.
As Bitcoin approaches USD 70K, the cryptocurrency remains firm with a new $71,200 resistance level and bulls recently pumping towards the $72,000 resistance level. The price recently regained strength before briefly surpassing $72,500, which was at least 5% up over the USD 72K mark, besides forming a high of $73,574. Bitcoin is now trading slightly below $70,000, and experts believe the price is slated to face resistance at just below the $73,200 level.
Conclusion
At the moment, the first key resistance to ward off a Bull Run remains near the $73,550 level, with the possibility of resistance sending the price higher. Experts predict the next key resistance at around $74,200, which could potentially initiate more gains for investors. In the above scenario, the price of BTC could easily rise and test $75,000, and any gains accrued at that level could push the price toward the $78,500 resistance level before testing the $76,500 price level. However, should BTC fail to exceed the $73,500 resistance level, the crypto could easily begin a downward correction to near the $71,650 level.
