The US elections are quickly approaching and voters will cast their final votes in the next 48 hours. This election season has seen a unique focus on the crypto industry as the two leading candidates, Kamala Harris and Donald Trump, have addressed the future of digital assets as bitcoin-news/bitcoin-set-to-gain-if-trump-wins-jpmorgan-cites-debasement-trade-as-key-factor/” target=”_blank” rel=”noopener nofollow”>a key point of the campaign.
With the election around the corner, market analysts and investors are watching bitcoin and other cryptocurrencies closely to see bitcoin/how-to-trade-bitcoin-during-the-us-election/” target=”_blank” rel=”noopener nofollow”>how can they react once the election results are announced. This is because the performance could make or break continued bullish momentum in November and December.
Interestingly, history shows that the price of bitcoin on US election day has always served as the floor price for a parabolic rally.
bitcoin price on US election day could set the stage for a parabolic rally
The election outcome could play a crucial role in fueling or slowing the bullish momentum that is expected to last into November and December. In particular, the candidates have expressed their views on cryptocurrency regulations and the potential role of blockchain technology in the US economy.
This renewed political interest indicates that cryptocurrencies have firmly entered mainstream political debates and could undergo regulatory changes depending on who wins the presidency.
However, history suggests that bitcoin is poised to rebound after the election. Interestingly, bitcoin has never fallen below its election day price and has always gone parabolic after a US election. This positive bitcoin price trend was x.com/BTC_Archive/status/1852716551725613198″ target=”_blank” rel=”noopener nofollow”>revealed in social media platform x by a popular crypto media account.
According to the bitcoin price chart below, bitcoin prices over the past three election dates have served as price floors before a parabolic rally. For example, the price of bitcoin was priced at $13,569 in the previous 2020 election.
After the election, bitcoin saw a rally in the following months and eventually reached a high of over $69,000 in 2021. Notably, the 2020 election price of $13,569 even acted as support during the bear market of 2022, which further highlighted the importance of bitcoin. price on election day.
What's next for bitcoin?
If history were to repeat itself with the price of bitcoin on Election Day, we could see bitcoin on a parabolic run in the two months left in 2024 and well into 2025. Interestingly, one could argue that bitcoin is even on a bitcoin-news/bitcoin-consolidates-near-ath-volume-suggests-a-big-move-ahead/” target=”_blank” rel=”noopener nofollow”>much better position to go to a parabolic rally that the last three electoral dates.
At the time of writing, bitcoin is trading at $68,700. Recent price action has seen bitcoin surpass $73,000 in recent days to retest its March 2024 all-time high of $73,737. If we take into account the election day trend, we could see bitcoin-news/tracking-bitcoin-profit-cycles-could-a-new-market-high-be-near/” target=”_blank” rel=”noopener nofollow”>bitcoin breaking the past this level before the end of November. A breakout to new all-time highs would open the race to $300,000 before another election period.
Featured Image from Reddit, Chart from TradingView
