The US election is fast approaching, as voters will cast their final ballots in the next 48 hours. This election season has seen a unique focus on the crypto industry, as major candidates, Kamala Harris and Donald Trump, have talked about the future of digital assets as the key point of the campaign.
With the election around the corner, market analysts and investors are closely watching Bitcoin and other cryptocurrencies to see how they can react once the election results are announced. This is because it works can make or break bullish continuation in November and December.
Interestingly, history shows that the price of Bitcoin on the day of the US election always acts as the bottom of the price of the parabolic rally.
US Election Day Bitcoin Price May Set Stage for Parabolic Rally
The results of the election may play an important role in advancing or halting the momentum that is expected to continue in November and December. In particular, the candidates laid out their views on cryptocurrency laws and the potential role of blockchain technology in the US economy.
This renewed political interest shows that crypto has firmly entered mainstream policy debates and could see regulatory changes based on who wins the presidency.
However, history suggests that Bitcoin is the rallying point after the election. Interestingly, Bitcoin has never fallen back below the election day price and has been parabolic after the US election. This positive trend in the price of Bitcoin was revealed to social media X by popular crypto media account.
According to the Bitcoin price chart below, Bitcoin prices in the last three days of the election served as a price low before the parabolic rally. For example, the price of Bitcoin was traded at $13,569 in the previous election of 2020.
After the election, Bitcoin continued to rally in the following months, eventually rising above $69,000 in 2021. Notably, the $13,569 price level from the 2020 election even served as support during the 2022 bear market, which further highlighted Bitcoin’s importance. price on election day.
What’s Next for Bitcoin?
If history were to repeat itself with the price of Bitcoin on the day of the election, we could see Bitcoin continue to run in the remaining two months of 2024 and until 2025. It’s interesting that you can argue with Bitcoin the best position going to the parabolic meeting there are three last days of the election.
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 high of $73,737. If we look at the election day trend, we can see Bitcoin is passing this rate before the end of November. Breaking with the all-time high could open up a run to $300,000 before another election season.
Featured image from Reddit, chart from TradingView
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