Right now, as the US election unfolds, it’s creating volatility for Bitcoin. Recent events show that the Bitcoin ETFs had one of their worst days in history, with a $541 million outflow just yesterday. This outflow created sell pressure, which caused a short-term dip in Bitcoin’s price. However, despite this, Bitcoin has just confirmed a new bullish divergence on the charts, signaling  short-term price strength.

Bitcoin’s Long-Term Election Trend

Analyst Josh of Crypto World said that looking at Bitcoin’s price history during past US elections, we can see a pattern of bullish trends following the election. In the past three election cycles, Bitcoin has typically risen following elections, regardless of whether a Democrat or Republican won. Historically, after each election, there was a bull market, followed by a bear market, then a recovery, and ultimately, Bitcoin’s price trended higher.

So, based on historical data, regardless of whether Harris or Trump wins the 2024 election, Bitcoin could see a bullish market in the next year.  In the short-term, Bitcoin has faced some rejection at key resistance levels ($72,000 – $74,000), but it’s finding support between $66,700 and $68,300. If Bitcoin breaks above $74,000, it could reach new all-time highs.

Ethereum Price Analysis

Looking at Ethereum (ETH) on the 3-day chart, ETH is still stuck in a sideways trading range. Support is around $2,150 to $2,200, and resistance is around $2,800. Over the past day, ETH dropped below a key support level, which is now acting as resistance around $2,440 to $2,475. If the price bounces, it might struggle to break above this level.

Solana Price Analysis

Next, looking at Solana (SOL) on the daily chart, it recently closed below $159, which is a bearish sign. However, if SOL can break back above this level quickly, it could be a fake-out and the price may recover. But if it fails to reclaim this level, the price could drop towards $150, with further support around $137 to $142.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed