The US elections are fast approaching and voters will cast their last votes within 48 hours. This election season has seen a unique focus on the crypto industry as the two leading candidates, Kamala Harris and Donald Trump, have tackled the future of digital assets as an important campaign point.
With the elections just around the corner, market analysts and investors are keeping a close eye on Bitcoin and other cryptocurrencies how they can respond as soon as the election results are known. This is due to performance could make or break continued bullish momentum in November and December.
Interestingly, history shows that the Bitcoin price on US Election Day has always served as a floor price for a parabolic rally.
Bitcoin’s price on US Election Day could set the stage for a parabolic rally
The outcome of the election could play a crucial role in fueling or slowing the bullish momentum expected to continue in November and December. In particular, candidates offered their opinions on cryptocurrency regulations and the potential role of blockchain technology in the U.S. economy.
This renewed political interest indicates that crypto has firmly entered mainstream policy discussions and regulatory shifts could occur based on who wins the presidency.
Nevertheless, history suggests that Bitcoin is poised for a post-election rally. Interestingly, Bitcoin has never fallen lower than its election day price and has always remained parabolic after a US election. This positive Bitcoin price development was revealed on social media platform X by a popular crypto media account.
According to the Bitcoin price chart below, Bitcoin prices have served as price bottoms before a parabolic rally over the last three election dates. For example, in the previous election in 2020, the Bitcoin price was $13,569.
After the election, Bitcoin rallied in the months that followed, eventually peaking above $69,000 in 2021. Notably, the $13,569 price from the 2020 election even acted as support during the 2022 bear market, highlighting the importance of the price of Bitcoin further emphasized. prize on election day.
What’s next for Bitcoin?
If history were to repeat itself with Bitcoin’s price on Election Day, we could see Bitcoin go on a parabolic run for the remaining two months of 2024 and well into 2025. Interestingly enough, you could argue that Bitcoin is even in a much better position to go on a parabolic rally than the last three election dates.
At the time of writing, Bitcoin is trading at $68,700. Recent price action has pushed Bitcoin above $73,000 in recent days, retesting the all-time high of $73,737 set in March 2024. If we take into account the trend on Election Day, we could see it Bitcoin breaks past this level before the end of November. A break to new all-time highs would open the run as high as $300,000 before a new election period.
Featured image from Reddit, chart from TradingView