Why Bitcoin Price Might Never Dip Below $70,000 Again

Bitcoin has largely been on an uptrend since Monday, when it kicked off a run after it rebounded to the upside from $67,000.

The 2024 US presidential elections took place on Tuesday, and as the dust settles, one interesting snapshot from the day was the Bitcoin price, which showed the coin trading just above the $70,000 price level. This is a price point to watch, as history shows this might be the price support for Bitcoin in the coming years.

Interestingly, this phenomenon goes back to the Bitcoin price levels in previous US elections.

Why Bitcoin Price Might Never Dip Below $70,000 Again

Bitcoin has largely been on an uptrend since Monday, when it kicked off a run after it rebounded to the upside from $67,000. This run continued, allowing the Bitcoin average price during the 2024 presidential elections to be around $70,110.

Now, while this might not be the all-time high price for the day, considering past election cycles, this price point might never be revisited again by Bitcoin on the downside. Here’s why.

Historically, U.S. election cycles have often been accompanied by shifts in Bitcoin’s value, marking crucial price points that tend to establish longer-term support levels.

To understand this trend, we need to look at the past four election cycles. Back in 2012, during the early days of the crypto industry, the Bitcoin price traded at a modest $10 on the US presidential election day, a price point that now seems almost unimaginable. By 2016, Bitcoin’s election-day price had climbed to $710, setting a new baseline that it has never revisited since.

After the 2016 election, Bitcoin’s price continued to rise significantly, reaching new all-time highs in the thousands of dollars. However, despite the coin’s massive gains, the 2016 election-day price of $710 remained a crucial support level, acting as a floor that the price never fell below in subsequent bear markets.

The next presidential election was in 2020, and at the time, the Bitcoin price was trading around $13,555. This was another key price point, as the Bitcoin price has never revisited this price point again since then up until the time of writing. What’s more interesting is that this price point even served as the lowest support level during the 2022 bear market price crash.

If these historical trends are any indication, the 2024 election-day price of $70,110 could become a similar stronghold and a price floor for Bitcoin in the coming years. This level might even serve as critical support should a bear market eventually take hold at any point.

Bitcoin Price Analysis

Bitcoin is currently trading at a price of $73,180, up by about 7.36% over the past 24 hours. The second-ranked crypto has also seen a 10.23% price increase over the past week.

Bitcoin’s total market cap now stands at $1.41 trillion, with the coin’s 24-hour trading volume being around $63 billion.

After kicking off the week with a price at $67,000, Bitcoin began an uptrend that saw the coin rally by over 10% in a single day on Monday. This brought Bitcoin to an average price of $70,110 during the 2024 presidential elections.

From there, Bitcoin continued its rally, reaching an intraday high of $75,358. This milestone marks Bitcoin’s highest trading level yet, besting its previous all-time high of $73,737 in March 2024.

However, the price pulled back slightly as some traders chose to cash in on recent profits. Despite this, the rally is expected to continue, with Bitcoin remaining on track to hit the $80,000 mark before the month ends, especially if buying interest helps sustain the current uptrend.