US Election 2024: What to Expect for Bitcoin and Stock Market Tomorrow?

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In a recent post on X, cryptocurrency analyst Jason Pizzino analyzed the potential effects of the upcoming US elections on financial markets, including Bitcoin and the stock market. He indicates that the race is tighter than anticipated, with a clear victory for Donald Trump seeming unlikely. This uncertainty could lead to significant market volatility in the days following the election.

The clock is ticking as elections are tomorrow. The countdown to the pro-crypto candidate begins with fear in the market as many expect Harris to win over Trump. The analyst has given key scenarios and market reactions to the results. 

Here’s his insight!

Pizzino predicts different initial market reactions based on the election outcome. If Kamala Harris secures the presidency, he expects markets to react negatively at first. However, this decline may be short-lived as investors recognize the influx of stimulus money, which could eventually fuel a market recovery. On the other hand, if Trump emerges victorious, he anticipates an immediate rally in the markets, potentially followed by further upward movement.

Pizzino also notes that his analysis suggests no significant changes in the market cycle at this time. He refers to the “Winner’s Curse” phase of an 18-year cycle, which he has been discussing for several months. This phase typically signifies increased volatility and opportunities for traders as market dynamics shift following a decisive political outcome.

Moreover, Bitcoin is currently recovering from a decline that saw its price drop to the $67,500 zone, having started a fresh decline from $72,500. The price is attempting to regain momentum, trading below $70,500 and the 100-hourly simple moving average.

A recent breakthrough above the bearish trend line at $68,300 indicates potential bullish movement, with Bitcoin now eyeing resistance around $70,000. If it manages to settle above this level, further gains could propel it towards $71,200 and possibly $72,500. However, failure to surpass $70,000 could lead to another decline, with immediate support at $68,000 and key levels at $67,500 and $67,200.