Crypto Price Analysis 11-5 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, TONCOIN: TON, DOGWIFHAT: WIF, BITTENSOR: TAO, APTOS: APT

Bitcoin (BTC) is down just over 1% in the past 24 hours, declining after briefly flirting with the $70,000 mark. The current week is crucial in dictating market dynamics, with the US elections and Fed meeting set to commence. If market sentiment turns positive, BTC could surge past $70,000 and potentially set a new all-time high this week. On the other hand, if market sentiment turns negative, we could see a substantial price decline. With the elections just hours away, the crypto market is on edge. 

Almost all major cryptocurrencies, including Ethereum (ETH), Solana (SOL), Ripple (XRP), Toncoin (TON), Avalanche (AVAX), and Chainlink (LINK) registered noticeable declines as the crypto markets brace for election results. On the other hand, Dogecoin (DOGE) defied expectations and is up over 8% in the past 24 hours. The overall crypto market cap registered a decline of 1.11% and is currently at $2.23 trillion. 

Speaking about the current market sentiments, ChangeNOW CMO Pauline Shangett stated, 

“It’s a waiting game at this point. Bitcoin’s flirtation with $70,000 suggests investor anticipation, but a sense of caution is evident. If the elections and Fed meeting result in any unexpected outcomes, it could trigger a significant rally or a sharp sell-off across the market. Crypto investors are on edge, but many are prepared to capitalize on any positive market sentiment.”

A Lot At Stake For Crypto 

Democrat Kamala Harris and Republican Donald Trump made one final push in the final hours before election day with last-minute campaigns in crucial battleground states. Harris spent the hours leading to election day with last-minute rallies in Scranton, Allentown, Pittsburg, and Philadelphia. Meanwhile, Trump focused on the battleground states of North Carolina, Pennsylvania, and Michigan. 

Market watchers expect Bitcoin (BTC) to experience considerable volatility as campaigning winds down. The world’s largest cryptocurrency has already registered a sharp dip between October 29 and November 3. However, while the price has struggled, overall market sentiment remains bullish. One of the hottest topics in the election has been crypto regulations, prompting both candidates to speak about crypto on the campaign trail. Trump has positioned himself as a champion of crypto and pledged to make the United States the crypto capital of the world. 

On the other hand, Kamala Harris spoke about crypto during a Wall Street fundraiser, promising a safe business environment with consistent and transparent rules and regulations and support for emerging industries such as AI. Harris’s advisors have also held meetings with major crypto companies to discuss industry-friendly regulation, indicating a willingness to engage with stakeholders. Meanwhile, crypto whales are betting big on a Trump victory. 

Analysts Predict Bitcoin’s Post-Election Price 

Analysts from Bernstein have predicted that Bitcoin (BTC) prices could swing wildly following the results of the presidential elections. Analysts led by Gautam Chhugani stated the election will have a short-term impact on crypto, particularly on the price of BTC. BTC could surge to $80,000 or $90,000 by December if pro-crypto candidate Donald Trump is victorious. This means it would shatter its previous all-time high set in March. 

On the other hand, if Kamala Harris secures victory, BTC could drop to $50,000, a level not seen since the beginning of the year. Despite short-term struggles, Bernstein doubled down on their prediction that BTC would touch $200,000 by the end of 2025, regardless of the election result. Others, such as Standard Chartered analyst Geoff Kendrick, stated that he expected BTC to finish this year at $75,000 if Harris wins and $125,000 if Donald Trump wins. 

Mt. Gox Shifts $2.2B BTC To Unknown Wallets 

Defunct crypto exchange Mt.Gox transferred $2.2 billion worth of BTC to unknown wallets, according to data from Arkham Intelligence. Arkham revealed the defunct exchange moved the BTC from its cold wallet to two unknown addresses in separate transactions. Around 30.3K BTC was transferred to one wallet, while another 2K BTC was transferred to Mt.Gox’s cold wallet and then moved to another unknown wallet. 

The latest transfers come days after the exchange had moved 500 BTC worth $35 million into two unknown wallets. The movement of funds has sparked intense discussion about the platform’s strategy to settle its debts with creditors. 

Crypto Consortium Launches Global Stablecoin Network 

A consortium of crypto companies, including Kraken, Robinhood, and Galaxy Digital, introduced a new stablecoin pegged to the US Dollar. The newly launched Global Dollar Network aims to accelerate the use and adoption of stablecoins and promote an asset providing economic benefits to stakeholders. The network is based on a new stablecoin called USDG. The stablecoin will be issued by Paxos and governed by a committee of representatives from the network partners, including Anchorage Digital, Bullish, and Nuvei. Paxos CEO Charles Cascarilla stated, 

“Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal-wide adoption of this technology.”

Bitcoin (BTC) Price Analysis 

As mentioned earlier Bitcoin (BTC) is expected to experience significant volatility as markets await election results. However, we can look at historical performances to gauge BTC’s price movements following the election. Historically, BTC has always rallied after an election since 2009. An analysis of historical data shows that election-day price has never been revisited, with peaks typically occurring within a year. Analysts expect a long-term rally if the election results spark sustained interest. The publication of the jobless claims data on November 7 is also expected to impact the price of BTC. An increase in these numbers could suggest a softening labor market, impacting consumer spending and investment in traditional assets. This could increase BTC’s appeal as an investment if investors look to hedge against economic volatility. 

The Federal Open Market Committee meeting (FOMC) is another event that could impact BTC. During the last FOMC meeting, the Fed slashed interest rates by 50 basis points as inflation cooled to 2.4%, moving closer to its 2% target. However, with unemployment numbers rising, there could be emerging challenges in the labor market. Market watchers speculate the Fed will slash rates by 25 basis points. A rate cut will be a bullish signal for BTC as lower rates reduce the appeal of traditional investments. 

Meanwhile, the decline in prices led to widespread liquidations, with a total of $193 million in long and short positions wiped out. Around $101 million in long positions and $91 million in short positions were liquidated. BTC suffered the brunt of these liquidations, totaling around $52 million ($21.05 million long and $30 million short). Spot Bitcoin ETFs also registered their first outflow in November after witnessing significant inflows in October. ETFs saw inflows of $827 million and $896 million on October 29 and 30. 

As we can see in the price chart, BTC has struggled to build momentum after reaching a high of $73,512 last Tuesday and teasing a new all-time high. The price turned bearish on Wednesday thanks to intense selling pressure, dropping marginally to $72,358. Bearish sentiment intensified on Thursday as BTC dropped almost 3% to $70,307. Buyers attempted a recovery on Friday, looking to prevent a drop below $70,000. As a result, BTC rose to an intraday high of $71,632 before losing momentum, allowing sellers to take over and drive BTC below $70,000 to $69,562. BTC registered a marginal increase on Saturday as bearish sentiment prevented substantial price movements.

Source: TradingView

BTC reported increased volatility on Sunday as buyers and sellers struggled to establish control. Ultimately, sellers gained the upper hand as BTC to $68,907 after a drop of 0.97%. The current week began with BTC slipping below the 20-day SMA after a fall of 1.49% and settling at $67,882. However, the price has recovered during the ongoing session thanks to strong support at $68,000. BTC is currently up by 1.31% and trading around $68,800 as buyers look to push it back above $69,000. Analysts expect BTC to make significant moves following the election and move to $75,000-$80,000 if Trump wins the election and more optimistic predictions hitting the $100,000 mark. Alternatively, the price could drop to $50,000 should Harris win the election.

Ethereum (ETH) Price Analysis

Ethereum (ETH) is looking to bounce back above $2,500 after rebounding from its support level of $2,400 as buyers look to reverse a substantial decline. ETH started the previous week positively but faced significant volatility as it approached the $2,700 mark. It climbed to an intraday high of $2,722 but lost momentum, falling below $2,700 and settling at $2,659. Sellers returned to the market on Thursday as bearish sentiment intensified. As a result, ETH dropped over 5%, slipping below the 20 and 50-day SMAs and settling at $2,516. ETH reported a surge in volatility on Friday as buyers and sellers struggled to establish control. Buyers attempted a recovery and pushed ETH back above $2,600, while sellers looked to drag it below $2,500. Ultimately, ETH registered a marginal drop and settled at $2,512.

Source: TradingView

ETH slipped below $2,500 on Saturday after registering a drop of 0.79% and settling at $2,492. Bearish sentiment intensified on Sunday as ETH fell to an intraday low of $2,410. However, it recovered from this level to settle at $2,456, a decline of 1.43%. Buyers attempted another recovery on Monday as ETH rose to $2,490 before falling back in the red and dropping to $2,397 after a drop of 2.41%. However, ETH has rebounded from its support level during the ongoing session and is currently up by almost 2%, trading at $2,442. Buyers will look to build momentum and push ETH back above $2,500 should market conditions remain favorable. However, if sellers gain the upper hand, ETH could slip back to $2,400. A breach of this level could result in ETH dropping to $2,300.

Solana (SOL) Price Analysis

Solana (SOL) has bounced back above $160 after dropping to an intraday low of $155 on Monday. SOL has been in the red since Wednesday after failing to stay above $180 a day prior. With strong selling pressure at $180, SOL fell back, dropping 2.44% on Wednesday and settling at $174. Bearish sentiment intensified on Thursday as SOL dropped by 3.67%, slipping below $170 and settling at $168. Buyers attempted a recovery on Friday as SOL rose to an intraday high of $166. However, buyers lost momentum after reaching this level, allowing sellers to take control and drive SOL down by 1.45% to $166.

Source: TradingView

The weekend began with a significant spike in volatility as sellers sought to drive the price below the 20-day SMA while buyers attempted to counter the selling pressure. Ultimately, neither gained the upper hand, and SOL remained at $166. However, sellers took control on Sunday and drove SOL to an intraday low of $157. SOL recovered from this level and climbed above $160 to settle at $162. Selling pressure intensified on Monday as SOL slipped below $160 after a drop of almost 3% and settled at $157. However, the current session has seen a strong recovery, with SOL back above $160 after an increase of 2.53% and currently trading around $162. Buyers will look to retain control and push SOL back towards $170. A break above this level could see the price retest the resistance at $180.

Toncoin (TON) Price Analysis

Toncoin (TON) continues to trade in a downward trajectory as it struggles to go back above $5 and the 20-day SMA. It also faces significant volatility as sellers prevent a push above resistance levels. As we can see in the price chart, the 20-day SMA is acting as a descending level of resistance. Bearish sentiment prevails, as evidenced by TON settling lower highs. TON attempted to push above the 20-day SMA at the beginning of the previous week but was unsuccessful, thanks to strong selling pressure above $5. With selling pressure increasing, TON registered a substantial drop of over 4%, slipping below $5 and settling at $4.85.

Source: TradingView

However, it recovered on Friday, registering a marginal increase and settling at $4.89. The weekend saw volatility return to the market as buyers and sellers struggled to establish control. TON rose to an intraday high of $5.08 on Saturday but could not push above the 20-day SMA, losing momentum and settling at $4.91 after registering a marginal increase. Sellers attempted to drag the price towards $4.50 on Sunday as TON dropped to an intraday low of $4.67. However, it recovered from this level and registered a marginal increase. Bearish sentiment intensified on Monday after yet another failed attempt to push above the 20-day SMA. As we can see in the price chart, TON rose to an intraday high of $5.10 but lost momentum, allowing sellers to take control and drive the price down almost 4% to $4.73.

The current session saw buyers attempt another recovery before being pegged back once again. TON is currently down almost 3% and trading around $4.60.

Dogwifhat (WIF) Price Analysis

Dogwifhat (WIF) is looking to reverse a substantial decline that led to it slipping below crucial support levels and the 20, 50, and 200-day SMAs. WIF’s latest drop began in the middle of the previous week as it failed to stay above the 20-day SMA on Tuesday despite reaching an intraday high of $2.69. The price turned bearish on Wednesday, dropping by 1.27% to $2.57, settling just above the 20-day SMA. Bearish sentiment increased substantially on Thursday as WIF dropped almost 8%, slipping below the 20-day SMA and settling at $2.38. WIF continued to decline on Friday, falling nearly 8% to slip below the 50 and 200-day SMAs and settle at $2.19.

Source: TradingView

Saturday saw a reduction in selling pressure as WIF dropped by 0.99% to $2.17. However, sellers were back in control on Sunday as WIF slipped below $2 to hit an intraday low of $1.96 before recovering to reclaim $2 and settle at $2.07 after a decline of 4.69%. WIF slipped below $2 on Monday, dropping over 7% and settling at $1.92. However, it has made a strong recovery during the ongoing session and is currently up over 7% and trading at $2.05. Buyers will look to build momentum and keep WIF above $2. On the other hand, if sellers can push WIF below this level, it could drop to $1.60.

Bittensor (TAO) Price Analysis

Bittensor (TAO) has been in the red since slipping below the 50-day SMA on Wednesday as sellers continued to dominate the market. As we can see in the price chart, TAO slipped below the 50-day SMA and $500 on Wednesday after a drop of just over 5% and settled at $493. Sellers continued to control the market on Thursday as TAO fell by 1.99% to $484 and $462 on Friday after a drop of 4.41%. TAO remained bearish over the weekend, dropping 5.40% on Saturday to settle at $437. Sellers attempted to drag TAO below $400 on Sunday as it fell to an intraday low of $407.

Source: TradingView

However, it recovered from this level, settling at $434, registering only a marginal decline. The current week began with bearish sentiment persisting as TAO dropped to $418. However, despite the bearish sentiment, TAO has recovered during the ongoing session. Currently, TAO is up 3.24% and trading at $432.

Aptos (APT) Price Analysis

Aptos (APT) is also looking to reverse significant selling pressure and push back above key levels as it mounts a recovery during the ongoing session. APT’s latest decline started on Wednesday after it failed to go above $10, allowing sellers to take over and push it down by 1.84% to $9.84. Selling pressure intensified on Thursday as APT slipped below the 20-day SMA and settled at $9.08 after a drop of almost 8%. Friday saw APT slip below $9 after a drop of 1.57% and settle at $8.94.

Source: TradingView

The weekend saw an increase in bearish sentiment as APT slipped below the 50-day SMA after a drop of almost 4% and settled at $8.61. Selling pressure increased on Sunday as APT fell nearly 5% to an intraday low of $7.84 before recovering and climbing above $8 to settle at $8.19. The current week began with a considerable uptick in volatility as sellers looked to drive APT below $8. As a result, APT fell to an intraday low of $7.73 before recovering and pushing back above $8 to settle at $8.06. The current session sees APT up by almost 2%, as buyers look to reverse the current bearish sentiment and push back toward $9.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.