Translation: Plain Language Blockchain
As the U.S. presidential election approaches, voters will cast their final ballots in the next 48 hours. A unique focus of this election season is the cryptocurrency industry, with two major candidates—Kamala Harris and Donald Trump—making the future of digital assets an important campaign issue.
As the election approaches, market analysts and investors are closely monitoring Bitcoin and other cryptocurrencies to observe their reactions after the election results are announced. This is because the performance of cryptocurrencies may determine whether the bullish momentum can continue into November and December.
Interestingly, history shows that Bitcoin's price on U.S. election day has consistently served as a price bottom for a parabolic rise. Bitcoin's price on election day may lay the foundation for a parabolic rise.
The election results could play a crucial role in either driving or hindering the bullish momentum expected to last into November and December. In particular, candidates have expressed their views on cryptocurrency regulation and the potential role of blockchain technology in the U.S. economy.
This resurgence of political interest indicates that cryptocurrency has firmly entered mainstream policy discussions, and depending on who wins the presidential election, there may be changes in regulation.
However, history indicates that Bitcoin is expected to experience an upward surge after the elections. Interestingly, Bitcoin's price has never been lower than the price on election day and has shown a parabolic rise after each U.S. election. This positive trend in Bitcoin's price has been revealed through cryptocurrency media accounts on social platform X.
According to the Bitcoin price chart below, Bitcoin's price has served as a price bottom during the last three election dates, followed by a parabolic rise. For example, during the last election in 2020, Bitcoin's price was $13,569.
Currently, Bitcoin is trading at $69,155. Chart source: TradingView
After the election, Bitcoin experienced an upward trend in the following months, eventually breaking through the $69,000 high in 2021. Notably, the price point of $13,569 during the 2020 election even served as a support level during the bear market in 2022, further highlighting the significance of Bitcoin's price on election day.
What will happen to Bitcoin next?
If history repeats itself, Bitcoin's price movement on election day may see a parabolic rise in the remaining two months of 2024 and early 2025. Interestingly, it can be argued that Bitcoin's current situation is more likely to experience a parabolic rise than during the last three elections.
As of the time of writing, Bitcoin is trading at $68,700. Recent price movements show that Bitcoin has broken through $73,000 in the past few days and has retested the historical high of $73,737 set in March 2024. Considering the price movement on election day, we might see Bitcoin break this level before the end of November. Breaking the historical high would open up space for Bitcoin's rise, potentially reaching prices as high as $300,000 before the next election cycle.
