Bitcoin could see a significant price swing following the U.S. presidential election on November 5, with a potential 10% move in either direction, according to popular cryptocurrency trader Daan Crypto Trades.
On November 4, Daan Crypto Trades, a pseudonymous trader with 389,000 followers on X, shared his analysis, noting that Bitcoin’s recent weekly close “didn’t look the cleanest,” but election results are likely to have a greater impact.
“#Bitcoin Not the cleanest looking weekly candle this week but with what’s coming I don’t think it really matters either way,” he tweeted, adding that “there is a good probability” for Bitcoin to move 10% based on the election’s outcome.
Currently trading at $69,139, Bitcoin saw a 1.1% increase in the past 24 hours and remains volatile, with recent price movements reflecting a three-month high in volatility as traders anticipate market shifts tied to election results.
Among the leading candidates, Donald Trump is seen by many in the cryptocurrency community as supportive of digital assets, with campaign promises aimed at fostering crypto innovation and protecting the U.S. digital economy.
Trump has also voiced a commitment to including Bitcoin as part of the U.S. national reserve, a move that some analysts say could be bullish for the market if implemented.
Kamala Harris, on the other hand, has largely refrained from discussing cryptocurrency, though she mentioned in September that her administration would promote investment in digital assets as part of a broader push for technological innovation.
Many traders are closely watching the Federal Reserve’s stance on interest rates, which could also impact Bitcoin prices post-election.
With the Fed implementing a 50-basis-point rate cut on September 18 and expected to continue easing interest rates, crypto markets may benefit as traditional investments become less appealing, driving more investors toward digital assets.
Daan Crypto Trades’ forecast reflects broader sentiment in the crypto community that election outcomes could create significant trading opportunities, as both regulatory and economic policies affecting crypto may shift under new leadership.