2024-11-6 19:41 |
With the U.S. presidential election underway, the cryptocurrency market is expected to experience heightened volatility, with short-term price movements likely influenced by the election’s outcome.
Historically, Bitcoin (BTC) has demonstrated a pattern of significant rallies following U.S. elections. Since its inception in 2009, Bitcoin has undergone three U.S. election cycles, each time experiencing substantial post-election gains without reverting to its pre-election price levels. If this historical trend continues, Bitcoin’s price could reach a new peak approximately one year after the upcoming election.
As many have pointed out on X, Bitcoin tends to dump around American election time, and then go on a major rally in the years following,
Source: X
Bitcoin tends to dump in the run-up to US elections, 2016 saw a 10.2% dip, 2020 saw a 6.1% dip, and so far in 2024 we’ve seen a 6.3% dip. But that’s just another week in crypto, right? What the market really craves is certainty. Once the election is done, the next four years come into clearer view, and investors can invest accordingly.
Source: X
2012 Election, November 5Price on election night – $12
Cycle Top – November 2013, $1,100, a 12,000% gain
2016 Election, November 4
Price on election night – $710
Cycle top – December 2017, $19,000, a 3,700% gain
2020 Election November 3
Price on election night – $13,800
Cycle top – November 2021, $69,000, a 460% gain
Meanwhile, Google Searches for Bitcoin remain low, showing there is room for a much wider rally, if Bitcoin does go on a run. For now, it is a waiting game.
Source: X
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