As the U.S. presidential election begins, Bitcoin’s market volatility has surged, reaching $70,000 before undergoing a correction. Analysts had widely anticipated this price movement.

Bitcoin is currently trading around $72,000, reflecting a 2.4% increase over the past 24 hours, according to CoinGecko. The cryptocurrency’s market capitalization now stands at $1.38 trillion.

Polymarket Predictions Favor Trump

Participants on the Polymarket prediction platform largely favor a Donald Trump victory in the elections, which some believe could further bolster Bitcoin’s performance.

Industry Experts on Bitcoin’s Floor Price

Notable figures in the crypto industry, such as Adam Back, CEO of Blockstream, suggest that Bitcoin’s floor price is slightly above $40,000, corresponding to its 200-week moving average.

50% probability of Bitcoin never trading below 60K again
— Alex Krüger (@krugermacro) November 5, 2024

Additionally, the Cumulative Value Days Destroyed (CVDD) metric indicates a potential Bitcoin price floor of $26,520.

October’s Performance and Historical Context

In October, Bitcoin saw a 14% increase, underscoring its reputation for strong performance during this period. The cryptocurrency’s ability to maintain momentum above $70,000 will be closely monitored, particularly amid heightened election-related market activity.