With the US election looming, voters are poised to make their final selections within the next 48 hours. This election cycle has placed a distinct emphasis on the cryptocurrency sector, as the two primary candidates, Kamala Harris and Donald Trump, have made the future of digital assets a significant aspect of their campaigns.
As the election approaches, market analysts and investors are attentively monitoring Bitcoin and other cryptocurrencies to gauge their potential reactions once the results are revealed. The performance of these digital assets could significantly influence the bullish momentum expected in November and December.
Notably, historical trends indicate that Bitcoin’s price on US election day has consistently acted as a foundation for subsequent parabolic rallies.
Bitcoin’s US Election Day Price May Establish Grounds For A Parabolic Surge
The results of this election could be pivotal in either propelling or hindering the anticipated bullish momentum set to unfold in November and December. Both candidates have articulated their perspectives on cryptocurrency regulations and the potential impact of blockchain technology on the US economy.
This renewed political engagement underscores that cryptocurrency has firmly entered mainstream policy dialogues, which may lead to regulatory changes depending on the presidential outcome.
However, past trends suggest that Bitcoin is well-positioned for a post-election rally. Indeed, Bitcoin has never fallen below its price on election day and has historically experienced parabolic growth following US elections. This trend was highlighted on social media platform X by a notable crypto media outlet.
According to the Bitcoin performance chart provided below, prices on the last three election days have consistently set price floors, serving as a launchpad for future rallies. For instance, during the previous election in 2020, Bitcoin was valued at $13,569.
In the aftermath of the 2020 election, Bitcoin experienced a rally that continued until its peak above $69,000 in 2021. Notably, the $13,569 price level established during the 2020 election provided support during the 2022 bear market, further emphasizing the importance of Bitcoin’s price on election day.
What Lies Ahead For Bitcoin?
Should history repeat itself regarding Bitcoin’s election day price, we might witness a parabolic surge in the two months remaining in 2024 and into 2025. Interestingly, one could argue that Bitcoin is in an even stronger position for a parabolic rally compared to the last three election years.
As of this writing, Bitcoin is trading at $68,700. Recent trading activity has seen Bitcoin surpass $73,000 in recent days as it approaches its March 2024 all-time high of $73,737. Considering the historical trend surrounding election day, there is potential for Bitcoin to break through this barrier before November concludes. A breach into new all-time highs could set the stage for a surge reaching as high as $300,000 ahead of the next election cycle.
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