Bitcoin's (BTC) Price Direction May Shift Based on 2024 US Presidential Election Outcome, Experts Say

Experts told Benzinga that the race appears to be split evenly and that market sentiment has already factored in a possible Trump victory.

The 2024 presidential election could significantly impact the price direction of Bitcoin (CRYPTO: BTC) and the broader crypto markets, with experts predicting a Trump victory boding well for the apex coin.

According to Benzinga Pro, Stuart Connolly, Chief Investment Officer at Deus X Capital, a Trump win could see Bitcoin rally by $5,000 to $10,000. In contrast, a Harris victory may lead to a drop of $10,000 to $20,000 in the cryptocurrency's value.

Despite the potential setback, Connolly anticipates Bitcoin's price trajectory to continue upwards, potentially reaching $150,000 within the next year. This estimation is influenced by broader market dynamics, regardless of the election outcome.

Meanwhile, Bitfinex analysts highlighted Bitcoin's low volatility levels in a note to Benzinga, indicating market caution.

As investors eagerly await the election results, which will determine near-term market shifts, a lack of volatility could signal a deeper correction for Bitcoin on shorter timeframes.

“Apathy in the options market to price movements often reflects a more bearish sentiment than strong put buying,” they observed, indicating that without volatility, the market might lean towards a correction.

Technical analysts at Fairlead Strategies also shared their analysis with Benzinga Pro. The firm is neutral on Bitcoin's short-term prospects, with the cryptocurrency recently testing resistance near $67,300.

Fairlead's analysis shows that momentum has softened, and while Bitcoin's weekly MACD indicator remains positive, the monthly MACD has been trending lower for several months.

This loss of strength behind Bitcoin's cyclical uptrend and slowing momentum supports Fairlead's neutral long-term bias.

Initial support is observed around the 50-day moving average, near $65,100, with secondary support at the weekly cloud level of $59,700.

Fairlead's analysis for Ether (CRYPTO: ETH) presents a similar cautionary picture.

The cryptocurrency has shown signs of declining momentum, testing initial support around $2,453.

Analysts note that should Ether break below this level, it could signal a short-term bearish trend with a possible retest of the longer-term support zone in the $2,030 to $2,141 range.

Ether's recent downtrend since March continues to hamper its recovery potential, with analysts emphasizing that a substantial catalyst would be needed to regain investor confidence.

“The indicators suggest that there is a good chance of a retest of long-term support in the $2030-$2141 zone,” they observed, further highlighting Ether's weakened position compared to Bitcoin.