As we await the results of the US presidential elections on Tuesday and Wednesday, the market will continue to fluctuate. In the short term, the election will fully determine price trends. However, once the situation stabilizes, if the voting pattern from before is repeated, Bitcoin (BTC) could experience a significant rebound. Bitcoin was created in 2009 and is about to undergo its fourth US election. The data from the previous three elections show that the largest cryptocurrency always rises afterward and never falls back to the election day's price. If this trend occurs again, BTC's price should peak in about a year.
In the US elections held on November 5, 2012, Bitcoin hovered around $11. The peak of the cycle occurred.
In November 2013, the price soared nearly 12,000%, with Bitcoin climbing above $1,100.
Fast forward four years to 2016. In the first week of November, Bitcoin's price was about $700. It peaked at around $18,000 in December 2017, appreciating about 3,600%.
After a recent vote in 2020, specifically during the elections in November 2020 coinciding with the Covid-19 pandemic, Bitcoin surged 478% a year later, reaching a market peak of around $69,000. After each event, as Bitcoin's price has been much higher than four years ago, the magnitude of the jumps has decreased, and the returns provided have diminished. The percentage decrease between the first and second numbers is 70%. Between the second and third, it is 87%.
Regarding altcoins, the market correction over the weekend is attributed by many to the US elections, but the root cause is that Bitcoin's continuous week of bullish trends needs adjustment, coupled with Ethereum's weak performance. Now is the altcoin's shakeout cycle, and the large fluctuations are normal; there is no need to panic!
How can Mentougou be absent at such a critical moment!
Mentougou has started to turn out BTC early in the morning!
It's very difficult for the market to rise now; when it falls, it can drop from a week's rise to a single minute!
It's best to avoid making moves in this market; today is also the day of the US elections, so it's better to observe!
What story is hidden behind this mysterious address? Is it the work of hackers? Or the secret layout of some big shot? For a time, all kinds of speculations and imaginations are flying!
Such a large-scale transfer of Bitcoin will undoubtedly have a significant impact on the market. Will the price of Bitcoin fluctuate because of this? How will investors respond?
Bitcoin dominates the market, while altcoins are trapped in a 'winter.'
Data shows that Bitcoin's market share (BTC.D) reached 60.52% on November 3, the highest point of this bull market. Meanwhile, the market value of other altcoins, excluding the top ten assets, has dropped to 16% of Bitcoin's market value, marking a new low in nearly three years. According to CoinMarketCap data, less than 25% of altcoins have outperformed Bitcoin in the past three months, and the market has completely entered the 'Bitcoin season.'
Research institutions also point out that despite the number of cryptocurrencies on the market exceeding twenty thousand, the focus remains on Bitcoin, and the altcoin craze has yet to appear.
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