- November 3, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The US election is fast approaching, with voters set to cast the final votes in the next 48 hours. This election season has seen a unique focus on the crypto industry, as the two major candidates, Kamala Harris and Donald Trump, have addressed the future of digital assets as a key campaign point.
With the election just around the corner, market analysts and investors are closely watching Bitcoin and other cryptocurrencies to see how they may react once the election results are announced. This is because the performance could make or break a continued bullish momentum in November and December.
Interestingly, history shows that the Bitcoin price on US election day has always served as a price floor for a parabolic rally.
Bitcoin’s US Election Day Price Could Set The Stage For A Parabolic Rally
The election’s outcome could play a crucial role in either fueling or stalling the bullish momentum expected to carry through November and December. Particularly, candidates have put forth their views on cryptocurrency regulations and the potential role of blockchain technology in the US economy.
This renewed political interest signals that crypto has firmly entered mainstream policy discussions and could see regulatory shifts based on who wins the presidency.
Nevertheless, history suggests Bitcoin is prime for a rally after the election. Interestingly, Bitcoin has never dipped back lower than the price on election day and has always gone parabolic after a US election. This positive Bitcoin price trend was revealed on social media platform X by a popular crypto media account.
According to the Bitcoin price chart below, Bitcoin prices in the last three election dates have served as price floors before a parabolic rally. For instance, the Bitcoin price was priced at $13,569 in the previous election in 2020.
After the election, Bitcoin went on a rally in the months that followed, ultimately peaking above $69,000 in 2021. Notably, the $13,569 price point from the 2020 election even acted as support during the bear market of 2022, which further highlighted the significance of Bitcoin’s price on election day.
What’s Next For Bitcoin?
If history were to repeat itself with Bitcoin’s price on election day, we could see Bitcoin going on a parabolic run in the two months left in 2024 and well into 2025. Interestingly, you could argue Bitcoin is even in a much better position to go on a parabolic rally than the last three election dates.
At the time of writing, Bitcoin is trading at $68,700. Recent price action has seen Bitcoin breaking above $73,000 in the past few days to retest its March 2024 all-time high of $73,737. If we factor in the election day trend, we could see Bitcoin breaking past this level before the end of November. A break into new all-time highs would open up the run to as high as $300,000 before another election period.
Featured image from Reddit, chart from TradingView
