According to ChainCatcher, The Block reported that Coinbase released a weekly report saying that the US economy may peak in the second quarter of 2024. If the US economy then falls into recession, retail investors may be reluctant to hold new stock or cryptocurrency positions.
In addition, the report also pointed out that no matter which candidate wins, the US election in November is likely to trigger more fiscal expansion. "This is a strong motivation to buy Bitcoin as an alternative to the traditional financial system."