Bitcoin (BTC), the world’s first and largest cryptocurrency, has been related to a number of bull runs over the years. One of the most notable uptrends occurred in 2012, and monetary analyst and cryptocurrency skilled Aditya Siddhartha has linked it to the United States of America (USA) Presidential Elections.
Why Does The US Presidential Elections Matter For Bitcoin?
According to Siddhartha, the 2012 Bull Run of Bitcoin was preceded by a major drop in BTC’s worth, with a lower of 52% noticed in the market. However, after the transferring common convergence/divergence (MACD) Bullish Crossover and all main exponential transferring common (EMA) Bullish Crossovers, the market began to achieve momentum, and the bull run started.
In the case of BTC’s 2012 bull market, the MACD and EMA indicators offered constructive alerts, resulting in elevated investor confidence and a surge in demand for Bitcoin. This resulted in a post-Presidential Elections bull run, with Bitcoin’s worth growing by 11800%.
On the similar be aware, Siddhartha noticed that in 2016, BTC’s worth skilled a drop of 41% in the run-up to the Presidential Elections. However, after the MACD Bullish Crossover and all main EMA Bullish Crossovers, the market started to achieve momentum, and the uptrend began.
Following the Presidential Elections, Bitcoin’s worth skilled a post-election bull run, with the worth growing by a staggering 2800%. This surge in worth was pushed by elevated demand from buyers and a rising consciousness of Bitcoin’s potential as a retailer of worth and digital asset.
In 2020, Bitcoin noticed a major drop of twenty-two% earlier than the presidential elections. This drop was largely attributable to the uncertainty surrounding the final result of the elections and the potential impression it may have on the financial system and the inventory market.
However, in response to Siddhartha, following the Presidential Elections, Bitcoin’s worth skilled a post-election bull development, with the worth growing by 410%.
Furthermore, Siddhartha has prompt that the worth of Bitcoin may see a major pump to $40,000 earlier than the Pre-Presidential Elections in 2024. However, the analyst additionally anticipates a drop of 25%-30% in the run-up to the elections, much like earlier years.
As in earlier bull runs, Siddhartha predicts that the MACD Bullish Crossover and all main EMA Bullish Crossovers will present constructive alerts, resulting in elevated investor confidence and demand for Bitcoin. Following the Presidential Elections, Siddhartha expects a post-election Bull Run, with the worth of Bitcoin probably growing by 450%, leading to a worth vary of $180,000-$200,000.
At the time of writing, BTC’s worth has been on the decline since Saturday. It has misplaced its beforehand established vary between $28,500 and $29,600 and has as soon as once more did not breach the key stage of $30,000.
BTC’s Price Drops 4% In 24 Hours
At the time of writing, BTC’s worth has been on the decline since Saturday, presently buying and selling at $27,7000. It has misplaced its beforehand established vary between $28,500 and $29,600 and has as soon as once more did not breach the key stage of $30,000.
This stage is essential because it serves as a psychological barrier for buyers and merchants. Currently, BTC is reporting a lack of 4% in the final 24 hours, however, will Bitcoin handle to cease the present development and try one other run to surpass the $30,000 stage?
According to CryptoCon, Bitcoin has been following the Elliott Wave Theory fairly nicely and even used it to find out the backside in December 2022 at $16,500.
CryptoCon explains that, by definition, even wave 3 can’t be over as it might make it shorter than wave 1. This means that there’s nonetheless room for Bitcoin to expertise vital progress in the future, regardless of any short-term corrections.
Featured picture from iStock, chart from TradingView.com
