How will Bitcoin (BTC) fare after reaching its all-time high?
Republican candidate Donald Trump achieved victory in the US presidential elections. Bitcoin (BTC) supporter Trump became the 47th president of the USA by reaching 270 delegates. Trump’s success in the elections took BTC to its all-time high (ATH) of $75,407.
Many altcoins achieved dramatic increases on the day when BTC broke its record. The fact that Elon Musk will be in the new government increased Dogecoin (DOGE) by 18 percent. On the other hand, Uniswap was seen to increase by 27.7 percent.
Crypto analysts evaluated the scenarios that may occur in Bitcoin after Trump’s victory.
What are the expectations for Bitcoin?
Analysts have examined the support levels that bulls should maintain amid Bitcoin (BTC) price volatility.
Checkmate, the founder of Checkonchain, predicted that the main trend lines of the bull market are still working and the rises will continue.
According to Cointelegraph, the 200-day simple moving average (SMA) and short-term holders’ cost basis (STH-CB) should be followed to maintain the uptrend. While the 200-day SMA points to the $63,546 level, STH-CB highlights the $64,337 level. It is stated that if BTC cannot protect $ 70 thousand, these support points may be tested.
Coinglass stated that as BTC broke a record, sell orders accumulated to $75,500. On the other hand, buyer orders concentrated at 73 thousand dollars. There are also large amounts of buy orders at $70 thousand, which is shown as the psychological support point.
Crypto analyst Lucky Chart Ape, in an analysis published on X, suggested that BTC could realize the “first rise, then fall” scenario after the elections.
According to the “first rise, then fall” scenario, the BTC price will retreat to 65 thousand dollars. The leading cryptocurrency will rise again to 74 thousand dollars if it maintains 65 thousand dollars.
