As the United States prepares for the outcome of the hotly contested presidential election between former President Donald Trump and Vice President Kamala Harris, the price of Bitcoin (BTC) has dropped and is currently hovering around $68,000.

BTC is facing key support levels

Bitcoin has struggled to break above its all-time high of $73,700, a level reached in March after approval by listed funds (ETF) that invest in cryptocurrency. Despite several attempts to break this mark, Bitcoin has encountered resistance, leading to the current price correction.

If it fails to hold above $68,000, it could return to the $66,600 support level, with a further decline potentially taking it down to $63,000 – an critical threshold in the near future.

Despite the current price challenges, many analysts maintain a bullish outlook for Bitcoin. Crypto analyst Ali Martinez notes that the days following previous US presidential elections have historically shown Bitcoin price volatility; however, the overall upward trend remained.

This analysis suggests that if this pattern holds true in the current election cycle, Bitcoin could retest its previous highs with the potential for a price rediscovery above the milestone achieved 8 months ago.

Additionally, Martinez highlights recent buy signal from the TD Sequential indicator on the 12-hour chart, suggesting that a bounce may be imminent, potentially allowing Bitcoin to challenge the $73,000 resistance level again.

Bitcoin will reach $100,000 regardless of the election result

On the other hand, analyst Miles Deutscher claims that Bitcoin is heading towards $100,000 regardless of the November 5 election results. However, he did predicts that a Trump victory could further raise Bitcoin’s price ceiling, with speculative targets ranging from $200,000 to $300,000.

Deutscher further believes that this bullish sentiment extends to altcoins such as Ethereum, which could also benefit from BTC’s rally in the last part of the year.

The analysis is like Trump expressed mighty support for the crypto industry, even suggesting the potential utilize of Bitcoin as a strategic national reserve asset to repay the country’s significant public debt, currently estimated at $35 trillion.

Many believe the Trump administration could bode well for bitcoin’s future growth, along with increased adoption and exposure from pension funds and institutions looking to diversify their portfolios, as seen in a current report revival Bitcoin ETFs.

Kamala Harris’s position on cryptocurrencies, however, was less clear. While it has not presented a solid plan for the digital asset sector, experts predict a shift away from the regulatory control currently exercised by the Biden administration led by the U.S. Securities and Exchange Commission (SEC).

Currently the difference on the Polymarket cryptocurrency betting site gives Trump has a nearly 60% chance of defeating Harris in the coming hours. On the other hand, established surveys show equal race between both candidates, but Trump won all swing states.

Featured image from DALL-E, chart from TradingView.com