In less than 48 hours, U.S. voters will cast their final votes in this year’s election. Notably, candidates like Kamala Harris and Donald Trump have brought the issue of digital assets into their campaign agendas, highlighting interest in the cryptocurrency market during this election season.
Experts and investors are closely monitoring Bitcoin and other cryptocurrencies to see how they will respond to the election results. This development could provide momentum for a bullish trend in the last two months of the year, from November extending into December.
History shows that the price of Bitcoin always skyrockets on election day in the U.S.
Historical data shows that on U.S. election day, the price of Bitcoin tends to surge significantly. The election event can influence the upward or downward trend of the cryptocurrency market in the last months of the year. Candidates have discussed regulations related to Bitcoin as well as the potential impact of blockchain technology on the U.S. economy. This political interest indicates that cryptocurrency has officially entered mainstream policy discussions and may change depending on the winner's policies.
Data from previous elections shows that Bitcoin tends to surge significantly after elections. The price of Bitcoin has never fallen below the price on election day and usually tends to spike afterward. A well-known cryptocurrency media account on social media X (formerly Twitter) has discovered this positive price trend of Bitcoin.
Bitcoin prices in previous elections
In the most recent election in 2020, the price of Bitcoin fluctuated around $13,569. After the election, Bitcoin surged and peaked at around $69,000 in 2021. This price level became an important support level for Bitcoin in the bear market of 2022, highlighting the significance of the price on election day.
These historical events suggest that, on election day this year, Bitcoin may again create a strong growth surge.
What will happen to Bitcoin next?
If this trend repeats, Bitcoin may enter a strong growth phase in the last two months of 2024 and continue into 2025. Interestingly, currently, Bitcoin may be in a more favorable position compared to the three previous elections to create a significant price surge.
Currently, the price of Bitcoin has reached $68,700. After surpassing the $73,000 mark in recent days, Bitcoin has retested the historical peak of $73,737 from March 2024. Considering the price trends on election day, Bitcoin may surpass this level before transitioning into November, opening a bright future for investors in the coming months.
The election is not just a political event but also a crucial turning point for the cryptocurrency market. Investors need to closely monitor to seize opportunities from Bitcoin's historical trends that may repeat during this time.