US Election Countdown: Bitcoin Price History Suggests a Post-Election Rally
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US Election Countdown: Bitcoin Price History Suggests a Post-Election Rally
As the U.S. presidential election approaches, Bitcoin has historically experienced parabolic surges following elections. It is expected that Bitcoin could break its all-time high within the remaining two months of 2024 and potentially reach $300,000 in 2025.
Navigating Web3 tides with focused insightsBy: Scott Matherson
Translation: Baishuo Blockchain
With the U.S. presidential election drawing near, voters will cast their final ballots within the next 48 hours. A unique focus of this election season is the cryptocurrency industry, as both major candidates—Kamala Harris and Donald Trump—have placed the future of digital assets at the center of their campaign platforms.
As the election approaches, market analysts and investors are closely watching Bitcoin and other cryptocurrencies to observe how they react following the announcement of results. This reaction could determine whether bullish momentum continues through November and December.
Interestingly, history suggests that Bitcoin’s price on U.S. Election Day has consistently served as a bottom before parabolic rallies. Bitcoin's Election Day price may once again lay the foundation for a parabolic surge.
The outcome of the election could play a crucial role in either accelerating or hindering the anticipated bullish trend extending into November and December. Notably, candidates have shared their views on cryptocurrency regulation and the potential role of blockchain technology in the U.S. economy.
This renewed political interest indicates that cryptocurrencies have firmly entered mainstream policy discussions, and regulatory changes may follow depending on who wins the presidency.
However, historical trends suggest Bitcoin tends to experience a rally after elections. Intriguingly, Bitcoin’s price has never closed below its Election Day level and has exhibited parabolic growth following every U.S. election. This positive price pattern was highlighted by crypto media accounts on social platform X.
According to the Bitcoin price chart below, during the past three election cycles, Bitcoin’s price acted as a bottom before entering parabolic uptrends. For example, during the previous election in 2020, Bitcoin was trading at $13,569.
Bitcoin is currently trading at $69,155. Chart source: TradingView
After the election, Bitcoin surged over the following months, eventually surpassing $69,000 in 2021. Notably, the $13,569 price point from the 2020 election even served as a support level during the 2022 bear market, further emphasizing the significance of Bitcoin’s Election Day price.
What’s Next for Bitcoin?
If history repeats itself, Bitcoin’s price action on Election Day could set the stage for a parabolic rally over the remainder of 2024 and into early 2025. Interestingly, Bitcoin may be in an even stronger position now than it was during the previous three elections to enter such a parabolic phase.
At the time of writing, Bitcoin is trading around $68,700. Recent price movements show Bitcoin breaking above $73,000 and retesting its all-time high of $73,737 set in March 2024. Considering typical Election Day dynamics, we might see Bitcoin surpass this level before the end of November. Breaking through its all-time high would open room for further upside, potentially pushing Bitcoin toward $300,000 before the next election cycle.
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