As the U.S. presidential election approaches, Bitcoin has historically experienced parabolic rises after elections. It is expected that in the remaining two months of 2024, it may break historical highs and could reach $300,000 by 2025.
Author: Scott Matherson
Translation: Blockchain in Plain Language
With the U.S. presidential election nearing, voters will cast their final ballots in the next 48 hours. A unique focus of this election season is the cryptocurrency industry, with two major candidates—Kamala Harris and Donald Trump—making the future of digital assets a significant campaign issue.
As the election approaches,** market analysts **and investors are closely monitoring Bitcoin and other cryptocurrencies, observing their reactions after the election results are announced. This is because the performance of cryptocurrencies may determine whether the bullish momentum can continue into November and December.
Interestingly, history shows that Bitcoin's price on U.S. Election Day has consistently acted as a price bottom for parabolic rises. Bitcoin's price on U.S. Election Day may lay the foundation for a parabolic rise.
The election results could play a crucial role in driving or hindering the expected bullish momentum that may last into November and December. In particular, candidates have expressed their views on cryptocurrency regulation and the potential role of blockchain technology in the U.S. economy.
This resurgence of political interest indicates that cryptocurrencies have firmly entered mainstream policy discussions, and regulatory changes may occur depending on who wins the presidential election.
However, history suggests that Bitcoin is likely to experience a surge after the election. Notably, Bitcoin's price has never fallen below the price on Election Day and has shown parabolic rises after every U.S. election. This positive Bitcoin price trend has been disclosed through cryptocurrency media accounts on social platform X.
According to the Bitcoin price chart below, during the last three election dates, Bitcoin's price has served as a price bottom, followed by a parabolic rise. For example, in the last election in 2020, Bitcoin's price was $13,569.
Currently, Bitcoin is trading at $69,155. Chart source: TradingView
After the election, Bitcoin experienced a rise in the following months, eventually breaking the $69,000 high in 2021. Notably, the $13,569 price point during the 2020 election even served as a support level during the bear market in 2022, further highlighting the significance of Bitcoin's price on Election Day.
What’s next for Bitcoin?
If history repeats itself, Bitcoin's price trend on Election Day may lead to a parabolic rise in the remaining two months of 2024 and early 2025. Interestingly, it can be argued that Bitcoin's current situation is more likely to experience a parabolic rise than during the last three elections.
As of the time of writing, Bitcoin is trading at $68,700. Recent price movements show that Bitcoin has broken through $73,000 in the past few days and has retested the historical high of $73,737 set in March 2024. Considering the trend on Election Day, we may see Bitcoin break this level before the end of November. Breaking historical highs would open up space for Bitcoin's rise, potentially reaching prices as high as $300,000 before the next election cycle.
Article link: https://www.hellobtc.com/kp/du/11/5513.html
Source: https://bitcoinist.com/us-election-countdown-bitcoin-price-history-suggests-post-election-rally-ahead/
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