The US election is fast approaching, with voters set to solid the ultimate votes in the following 48 hours. This election season has seen a singular concentrate on the crypto industry, because the two major candidates, Kamala Harris and Donald Trump, have addressed the long run of digital assets as a key campaign point.
With the election just across the corner, market analysts and investors are closely watching Bitcoin and other cryptocurrencies to see how they might react once the election results are announced. It’s because the performance could make or break a continued bullish momentum in November and December.
Interestingly, history shows that the Bitcoin price on US election day has at all times served as a price floor for a parabolic rally.
Bitcoin’s US Election Day Price Could Set The Stage For A Parabolic Rally
The election’s end result could play a vital role in either fueling or stalling the bullish momentum expected to hold through November and December. Particularly, candidates have put forth their views on cryptocurrency regulations and the potential role of blockchain technology within the US economy.
This renewed political interest signals that crypto has firmly entered mainstream policy discussions and will see regulatory shifts based on who wins the presidency.
Nevertheless, history suggests Bitcoin is prime for a rally after the election. Interestingly, Bitcoin has never dipped back lower than the worth on election day and has at all times gone parabolic after a US election. This positive Bitcoin price trend was revealed on social media platform X by a preferred crypto media account.
In accordance with the Bitcoin price chart below, Bitcoin prices within the last three election dates have served as price floors before a parabolic rally. As an illustration, the Bitcoin price was priced at $13,569 within the previous election in 2020.
After the election, Bitcoin went on a rally within the months that followed, ultimately peaking above $69,000 in 2021. Notably, the $13,569 price point from the 2020 election even acted as support in the course of the bear market of 2022, which further highlighted the importance of Bitcoin’s price 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 happening a parabolic run within the two months left in 2024 and well into 2025. Interestingly, you could possibly argue Bitcoin is even in a significantly better position to go on a parabolic rally than the last three election dates.
On the time of writing, Bitcoin is trading at $68,700. Recent price motion has seen Bitcoin breaking above $73,000 prior to now few days to retest its March 2024 all-time high of $73,737. If we consider the election day trend, we could see Bitcoin breaking past this level before the top of November. A break into recent all-time highs would open up the run to as high as $300,000 before one other election period.
Featured image from Reddit, chart from TradingView