In the wake of the US presidential election, Bitcoin is experiencing volatility common during major political events, oscillating between $68,000 and $70,000. Market analysis firm Crypto Birb suggests Bitcoin could reach new highs above $73,700 based on current indicators following the election.
Crypto Birb highlights upward trends in the 200-week and 50-week simple moving averages, indicating a bullish outlook for Bitcoin's price. The firm notes over $470 billion in volume from exchange-traded funds investing in Bitcoin, contributing to market liquidity.
A market bloat of 51% measured by Net Unrealized Profit/Loss indicates that many Bitcoin holders are in profit, introducing potential selling pressure if prices rise quickly. The MVRV-Z Ratio suggests a potential price target of over $263,000, highlighting growth potential.
With Bitcoin's low correlation to the S&P 500, its price movements appear independent of traditional equity markets, appealing to investors seeking diversification amid election cycle volatility.
Crypto Birb identifies key resistance levels at $70,700 and $72,000, with $70,000 as a pivotal breakout point. A move above this threshold could lead to retesting all-time high records, despite the short-term volatility present during election cycles.
Historical data shows November as a strong month for Bitcoin, potentially reaching $79,000 by month-end. Recent trends and fourth-quarter historical gains suggest a significant rally, regardless of election results. Currently, Bitcoin is trading at $69,830, up 3% in 24 hours.
