The US election is rapidly approaching, and voters are scheduled to cast their final ballots within the next 48 hours. This election season has seen a unique focus on the cryptocurrency industry, with the two leading candidates, Kamala Harris and Donald Trump, addressing the future of digital assets as… Main campaign point.
As the election approaches, market analysts and investors are closely watching Bitcoin and other cryptocurrencies How might they interact? Once the election results are announced. This is because performance It can be made or broken Continuation of upward momentum in November and December.
Interestingly, history shows that the price of Bitcoin on US Election Day has always been a floor of the parabolic rise.
Bitcoin price on US Election Day could pave the way for a parabolic rise
The election outcome could play a crucial role in either fueling or halting the upward momentum expected to continue through November and December. In particular, the candidates put forward their views on cryptocurrency regulations and the potential role of blockchain technology in the US economy.
This renewed political interest suggests that cryptocurrencies have firmly entered mainstream policy discussions and could see regulatory shifts depending on who wins the presidency.
However, history suggests that Bitcoin is the basis for a post-election rally. Interestingly, Bitcoin never fell below the price on Election Day, but rather always went parabolic after the US elections. This was a positive trend for Bitcoin price revealed on Social media platform X through a popular crypto media account.
According to the Bitcoin price chart below, Bitcoin prices on the last three election dates served as the minimum price before the parabolic rise. For example, the price of Bitcoin reached $13,569 in the previous election in 2020.
After the election, Bitcoin continued to rise in the months that followed, eventually peaking above $69,000 in 2021. Notably, the $13,569 price point from the 2020 election served as support during the 2022 bear market, highlighting the Akbar emphasized the importance of Bitcoin. Price on election day
What’s next for Bitcoin?
If history repeats itself with the price of Bitcoin on Election Day, we could see Bitcoin going parabolic in the remaining two months in 2024 and into 2025. Interestingly, you could say that Bitcoin is in a parabolic position. Much better position To go on an equivalent march from the last three election dates.
At the time of writing, Bitcoin is trading at $68,700. Recent price action has seen Bitcoin break above $73,000 in the past few days to retest its March 2024 all-time high of $73,737. If we consider the Election Day trend, we can see Bitcoin breaks the past This level before the end of November. A break above the all-time highs would open the way to reaching $300,000 before another election period.
Featured image from Reddit, chart from TradingView