The price of Bitcoin could swing at least 10% depending on which US presidential candidate wins the election on Nov. 5, according to reports, as Bitcoin volatility recently jumped to its highest point in three months.

In a Nov. 4 post, pseudonymous trader Daan Crypto Trades told his 389,000 X followers that Bitcoin’s
BTC tickers down

$68,389 weekly close didn’t look “the cleanest” but this wouldn’t matter too much with the election looming.

He said there was a good possibility Bitcoin will see “at least a 10% move in either direction depending on who wins the election.

Bitcoin is currently changing hands for $68,682, down 0.5% in the last 24 hours.

Meanwhile, Bitcoin’s volatility index notched a new three-month high on Nov. 3, according to data from crypto derivatives exchange Derebit.

Bitcoin almost hit an all-time high last week, briefly surging to $74,649 on Oct. 29 before selling off sharply on election uncertainty.

In a Nov. 4 investment note viewed by Cointelegraph, IG Markets analyst Tony Sycamore wrote that Bitcoin needs to see a “sustained break above resistance” at the $74,000 level to confirm an uptrend that could see the asset rally sharply toward $80,000.

Sycamore warned that traders should be cautious because a “sustained retreat” below BTC’s support at $65,000 would signal last week’s rally had failed, and the asset would likely return to its seven-month downward trend channel.

The broader sentiment surrounding Bitcoin heading into the election is optimistic — with market pundits noting a bullish trend for risk assets and several positive tailwinds regardless of which candidate comes out on top.

Vanguard News