What’s Next for Bitcoin, Ethereum and Solana Ahead of US Elections? BTC Confirms Rally Above $70k

Right now, as the US election unfolds, it’s creating volatility for Bitcoin. Recent events show that the Bitcoin ETFs had one of their worst days in history, with a $541 million outflow just yesterday. This outflow created sell pressure, which caused a short-term dip in Bitcoin’s price. However, despite this, Bitcoin has just confirmed a new bullish divergence on the charts, signaling  short-term price strength.

Bitcoin’s Long-Term Election Trend

Analyst Josh of Crypto World said that looking at Bitcoin’s price history during past US elections, we can see a pattern of bullish trends following the election. In the past three election cycles, Bitcoin has typically risen following elections, regardless of whether a Democrat or Republican won. Historically, after each election, there was a bull market, followed by a bear market, then a recovery, and ultimately, Bitcoin’s price trended higher.

So, based on historical data, regardless of whether Harris or Trump wins the 2024 election, Bitcoin could see a bullish market in the next year.  In the short-term, Bitcoin has faced some rejection at key resistance levels ($72,000 – $74,000), but it’s finding support between $66,700 and $68,300. If Bitcoin breaks above $74,000, it could reach new all-time highs.

Ethereum Price Analysis

Looking at Ethereum (ETH) on the 3-day chart, ETH is still stuck in a sideways trading range. Support is around $2,150 to $2,200, and resistance is around $2,800. Over the past day, ETH dropped below a key support level, which is now acting as resistance around $2,440 to $2,475. If the price bounces, it might struggle to break above this level.

Solana Price Analysis

Next, looking at Solana (SOL) on the daily chart, it recently closed below $159, which is a bearish sign. However, if SOL can break back above this level quickly, it could be a fake-out and the price may recover. But if it fails to reclaim this level, the price could drop towards $150, with further support around $137 to $142.