With the US presidential election approaching, CK Zheng, chief investment officer at ZX Squared Capital, said Bitcoin’s price will benefit regardless of the election results. Historically, Bitcoin’s halving events have led to strong fourth-quarter performances. Zheng noted that the failure of both the Republican and Democratic parties to address the rising US debt and deficits would be a positive for Bitcoin.

According to CoinGlass data, Bitcoin has typically gained more than 50% in the fourth quarter. During the last halving in 2020, Bitcoin rose by 168%. Zheng expects Bitcoin to reach a new high in the fourth quarter of this year or soon thereafter.

The Federal Reserve’s interest rate cut could also be a positive for Bitcoin. Zheng predicts that a successful economic soft landing could put Bitcoin’s price in high correlation with the NASDAQ.

Bitcoin is currently trading at $64,400, down 2% in the past 24 hours. Share your thoughts in the comments.