Popular quantitative analyst PlanB believes that cryptocurrencies are on the sidelines for now, waiting for the results of expected events.
In PlanB's opinion, the trigger for bitcoin's next surge is imminent as the US prepares for the November presidential election.
#Bitcoin will find the trigger for the next surge. We've heard that many big buyers are waiting for the U. S. presidential election in November. That makes sense - why take a risk when you can wait a couple weeks and get complete clarity and certainty?
And the risk is obviously a Democratic victory (Harris), which is bad for bitcoin. So the 'whales' waiting for the US election are likely the reason for the sideways price movement over the past eight months.
Last month, it was reported that US Democratic presidential candidate Kamala Harris vowed to support #cryptocurrencies and artificial intelligence (AI) if she wins the upcoming November election. Harris said that cryptocurrencies and artificial intelligence will be part of her "opportunity economy" program. However, not everyone is convinced that Harris will dramatically change the party's stance on cryptocurrencies, as over the past four years, Democrats have curbed the growth of the cryptocurrency industry through mandatory regulation. In August, Charles Hoskinson, the creator of #Cardano (ADA), warned that a Harris victory would mean death for the crypto industry in the United States.
According to PlanB, bitcoin is currently experiencing a major growth spurt after a historically long period of uncertainty.
Bitcoin is 90% boring (yellow box).
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