The crypto market is holding its breath as the US presidential election draws to a close. Pseudonymous analysts DonAlt and CryptoCred have weighed in on the potential impact of the election results on Bitcoin’s price, offering insights into what investors can expect in the coming weeks and months.
DonAlt, known for his technical analysis, highlighted Bitcoin’s recent surge towards its all-time high before retreating below $70,000. He called the monthly close “catastrophic” after a key resistance retest and projected $49,000 as the first support level in the short term. He also suggested more robust support near $35,000 on a monthly timeframe, while in an extreme scenario, Bitcoin could potentially drop to $16,000.
DonAlt attributed the recent sluggishness in the crypto market to investors positioning themselves ahead of the election. He cautioned on Twitter that a Trump victory might bring only modest short-term upside for Bitcoin, while a loss could trigger a sell-off. He further suggested that a Harris win could cause an even steeper decline. Emphasizing flexibility, DonAlt emphasized the need for strategic preparation as the election results unfold.
DonAlt also commented on Ethereum’s underperformance relative to Bitcoin, stressing the dependency of ETH/BTC strength on Bitcoin’s movement. He shared his open position in a SOL/BTC trade, indicating his preference for other altcoins in the current market.
Given the election uncertainty, DonAlt concluded that he will be taking a cautious approach to trading in the coming weeks, possibly months. He urged other investors to exercise similar prudence in the current volatile market environment.
With Bitcoin’s future hanging in the balance, the upcoming Benzinga Future of Digital Assets event on Nov. 19 will likely provide further insights into the cryptocurrency’s trajectory as an institutional asset class.
