What Do Technical Analysts Say About Bitcoin After The Election? Failing To Hit $100,000 In The Next Months Is 'Hard To Imagine'

$68,000 has been identified as a critical support level for Bitcoin BTC/USD, following its surge to a new all-time high on election night.

What Happened: In a comprehensive breakdown of Bitcoin’s performance over the past seven months, crypto trader Scient identified two similar structures within this period: a bearish and a bullish structure.

He noted that the first, bearish range formed a high at $73,800 and lows at $59,000. After sweeping the lows at $59,000, it failed to reclaim the demand at this level, resulting in a breakdown and formation of a new low at $53,300.

The second range, bullish in nature, had highs at $70,000 and lows at $53,300. Respecting these lows, it swept the $53,300 lows, followed by a successful retest of the $53,300 lows to confirm the support. This resulted in a bounce and reclaiming of the demand at lows, confirming the strength of the market.

Also Read: Bitcoin’s All-Time High: ‘A Groundbreaking Milestone’ And ‘Strong Post-Election Rally’ Coming, Experts Predict

Scient asserts that Bitcoin's current one-day chart remains robust, with $68,000 acting as a crucial support. However, he warns that a break below this could lead to renewed market uncertainty.  

Echoing Scient's analysis, crypto trader Pentoshi expressed confidence in Bitcoin’s momentum, anticipating a rally beyond $100,000 in the coming months:

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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