The price of Bitcoin could swing at least 10% depending on which United States presidential candidate wins the election on Nov. 5, according to a trader, as Bitcoin volatility recently jumped to its highest point in three months.

In a Nov. 4 post , pseudonymous trader Daan Crypto Trades told his 389,000 X followers that Bitcoin’s ( BTC ) weekly close didn’t look “the cleanest” but this wouldn’t matter too much with the election looming.

He said there was a good possibility Bitcoin will see “at least a 10% move in either direction depending on who wins the election.

Bitcoin to move 10% ‘either direction’ depending on US election: Trader image 0

Source: Daan Crypto Trades

Bitcoin is currently changing hands for $68,682, down 0.5% in the last 24 hours.

Meanwhile, Bitcoin’s volatility index notched a new three-month high on Nov. 3, according to data from crypto derivatives exchange Derebit. 

Bitcoin almost hit an all-time high last week, briefly surging to $74,649 on Oct. 29 before selling off sharply on election uncertainty. 

In a Nov. 4 investment note viewed by Cointelegraph, IG Markets analyst Tony Sycamore wrote that Bitcoin needs to see a “sustained break above resistance” at the $74,000 level to confirm an uptrend that could see the asset rally sharply toward $80,000. 

Sycamore warned that traders should be cautious because a “sustained retreat” below BTC’s support at $65,000 would signal last week’s rally had failed, and the asset would likely return to its seven-month downward trend channel. 

Bitcoin to move 10% ‘either direction’ depending on US election: Trader image 1

If Bitcoin falls below $65,000, it will fall back into its downward trend channel. Source: IG Markets

The broader sentiment surrounding Bitcoin heading into the election is optimistic — with market pundits noting a bullish trend for risk assets and several positive tailwinds regardless of which candidate comes out on top. 

Related: Bitcoin can still hit $100K, no matter who wins US election

Crypto-friendly Donald Trump is widely viewed as being more bullish for crypto assets in the short term, having made a swathe of promises to protect and foster innovation in the US crypto industry. 

Kamala Harris avoided specific mention of cryptocurrency until Sept. 22, when she made a brief comment that her administration would encourage investment in artificial intelligence and digital assets . 

Outside of the election, market participants anticipate the US Federal Reserve will continue on its campaign of interest rate cuts following its 50-basis-point cut on Sept. 18.

Further rate cuts are widely seen as bullish for crypto assets because safer investments like term deposits become less appealing to investors.

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