Cryptocurrency analysts predict a sharp collapse of bitcoin amid the US elections

Traders and analysts of the cryptocurrency market have voiced their expectations for price fluctuations in bitcoin BTC $71,035.42 Bitcoin 5.22% Market capitalization $1.4 trillion VOL. 24 hours $2.72 billion ahead of the US elections. In particular, experts predict the possibility of a rollback to $ 66,200 before a potential rebound. According to a trader at Titan of Crypto, a test of this mark could mean a local bottom before the price recovers.

Another analyst, Credible Crypto, identified a support zone for the flagship crypto asset in the range of $ 65,000-$ 69,000, where he believes a rebound is bound to occur. Given the situation on the options market, traders expect an increase in volatility after the election. QCP Capital noted that the decline in the probability of Donald Trump’s victory to 55% (from 66% a week ago) affected investor sentiment.

Analysts predict possible fluctuations in the price of bitcoin ranging from $ 62,500 to $ 75,400 after the election. For Ethereum, they predict price changes from $ 2222 to $ 2700. Despite the potential volatility, the overall options market is optimistic, indicating that positive changes are expected in the medium term.

Traders also noted that Trump’s victory, the Fed’s rate cut, and economic stimulus in China could help bitcoin rise to $ 80,000 by the end of the year.