The US election is quick approaching, with voters set to forged the ultimate votes within the subsequent 48 hours. This election season has seen a singular concentrate on the crypto business, as the 2 main candidates, Kamala Harris and Donald Trump, have addressed the way forward for digital belongings as a key campaign point.
With the election simply across the nook, market analysts and buyers are carefully watching Bitcoin and different cryptocurrencies to see how they may react as soon as the election outcomes are introduced. This is as a result of the efficiency could make or break a continued bullish momentum in November and December.
Interestingly, historical past reveals that the Bitcoin worth on US election day has at all times served as a worth flooring for a parabolic rally.
Bitcoin’s US Election Day Price Could Set The Stage For A Parabolic Rally
The election’s consequence may play an important function in both fueling or stalling the bullish momentum anticipated to hold via November and December. Particularly, candidates have put forth their views on cryptocurrency rules and the potential function of blockchain expertise within the US economic system.
This renewed political curiosity indicators that crypto has firmly entered mainstream coverage discussions and will see regulatory shifts based mostly on who wins the presidency.
Nevertheless, historical past suggests Bitcoin is prime for a rally after the election. Interestingly, Bitcoin has by no means dipped again decrease than the value on election day and has at all times gone parabolic after a US election. This constructive Bitcoin worth development was revealed on social media platform X by a well-liked crypto media account.
According to the Bitcoin worth chart under, Bitcoin costs within the final three election dates have served as worth flooring earlier than a parabolic rally. For occasion, the Bitcoin worth was priced at $13,569 within the earlier election in 2020.
After the election, Bitcoin went on a rally within the months that adopted, in the end peaking above $69,000 in 2021. Notably, the $13,569 worth level from the 2020 election even acted as assist throughout the bear market of 2022, which additional highlighted the importance of Bitcoin’s worth on election day.
What’s Next For Bitcoin?
If historical past had been to repeat itself with Bitcoin’s worth on election day, we may see Bitcoin happening a parabolic run within the two months left in 2024 and nicely into 2025. Interestingly, you might argue Bitcoin is even in a much better position to go on a parabolic rally than the final three election dates.
At the time of writing, Bitcoin is buying and selling at $68,700. Recent worth motion has seen Bitcoin breaking above $73,000 up to now few days to retest its March 2024 all-time excessive of $73,737. If we issue within the election day development, we may see Bitcoin breaking past this stage earlier than the top of November. A break into new all-time highs would open up the run to as excessive as $300,000 earlier than one other election interval.
Featured picture from Reddit, chart from TradingView
