Bitcoin (BTC) Price Prediction: Which Way After the Election?

Bitcoin (BTC) plummeted further, but Dogecoin (DOGE) rose as cryptocurrency investors braced for the high-stakes presidential election.

As cryptocurrency investors prepared for the high-stakes presidential election, Bitcoin (CRYPTO: BTC) fell further, while Dogecoin (CRYPTO: DOGE) rose.

What Happened: In the early evening, the world's largest cryptocurrency dropped to $66,800 before recovering above $68,000 overnight.

Despite increasing odds on Polymarket for a Donald Trump victory, the leading coin erased all gains from its rally to near-new highs last week.

Ethereum also faced sell-offs, while Dogecoin led the market with over 8% gains in the last 24 hours.

Cryptocurrency liquidations breached $200 million in the last 24 hours, with bullish leveraged positions on Binance (CRYPTO: BNB) accounting for over 75% of the total.

Bitcoin's Open Interest dropped 0.87% in the last 24 hours. At press time, over 60% of the top traders on Binance were leveraged long on Bitcoin.

According to the Cryptocurrency Fear and Greed Index, the market sentiment remained in the "Greed" zone, indicating the potential for higher buying pressure in the days to come.

Top Gainers (24-Hours)

The global cryptocurrency market cap stood at $2.22 trillion, down 2.92% in the last 24 hours.

Stock markets cracked ahead of the all-important election. The Dow Jones Industrial Average slipped 257.59 points, or 0.61%, to close at 41,794.60. The S&P 500 lost 0.28% to end at 5,712.69, while the tech-heavy Nasdaq Composite dipped 0.33%, closing at 18,179.98.

Prices of U.S. Treasurys rose, with the yield for the 10-Year Treasury fell to 0.3% on Monday. This indicated that investors sought refuge in risk-free investments ahead of elections.

See More: Best Cryptocurrency Scanners

Analyst Notes: Miles Deutscher, a widely followed cryptocurrency analyst, highlighted the two possible trajectories Bitcoin could follow after the election outcome.

In the event of a Trump victory, he predicted an immediate rally and a new all-time high this year. On the other hand, a Kamala Harris victory would cause a sell-off and push the highs back to the first quarter of 2025.

"Either way BTC goes to $100,000+, it’s just the path that changes," Deutscher added.

In my opinion: Trump win = Instant pump, new ATH this yearKamala win = Instant dump, new ATH Q1 2025Either way $BTC goes to $100k+, it's just the path that changes.(I do, however, think the ceiling is higher for both #Bitcoin and alts if Trump wins)

Influential cryptocurrency analyst and trader Ali Martinez likened Ethereum's trajectory to the S&P 500, noting that this could be the last dip for the second-largest cryptocurrency before it sails to $10,000.

#Ethereum $ETH has been mimicking the S&P500, and this could be the last dip before it triples and hits $10,000! pic.twitter.com/BgpbZQXM6I

Additionally, Martinez observed a buy signal for Bitcoin on the 12-hour chart using the TD Sequential indicator.

The TD Sequential has been spot-on with #Bitcoin $BTC trends on the 12-hour chart, and it's now showing a buy signal! pic.twitter.com/lGL3U0rUSd