Market analysts continued to contemplate how the value of bitcoin may react to a victory by Donald Trump or Kamala Harris in US presidential election. Historical past exhibits that Bitcoin's future trajectory is bullish, no matter who wins the election.
How the value of Bitcoin has reacted to earlier winners
Bitcoin worth has at all times reached a brand new all time excessive (ATH) whatever the winner in previous US presidential elections. In 2012, after Barack Obama gained the election, Bitcoin rallied and reached a brand new ATH of $1,200 in 2013. Its worth then consolidated till the subsequent election in 2016.
The 2016 US presidential election which Donald Trump gained, it additionally sparked the beginning of one other spectacular rally within the worth of Bitcoin, which rose to a brand new ATH of $19,000 the next yr. In 2020, after the victory of Joe Biden within the US presidential election, BTC rose to a brand new ATH of $69,000.
Bitcoin worth rise after US presidential election That is believed to be as a result of market certainty supplied by the aftermath of the election. In the meantime, primarily based on historical past, the BTC rally may begin as early as December, with the flagship cryptocurrency reaching a brand new ATH as early as January 2024.
In 2016, the Bitcoin worth rally began about three weeks earlier than the election and reached a brand new excessive within the first week of January 2017. In 2020, BTC additionally consolidated for about six months earlier than beginning to rise from $11,000 nearly three weeks earlier than the US election after which hitting a brand new excessive of $42,000 in January 2021.
Bitcoin's current worth motion additionally appears to be following the identical path as BTC began to rise in mid-October and even approached to achieve the present ATH of $73,700 late final month. So there’s a chance that the flagship cryptocurrency may retest this ATH and break it as early as January 2024 and even earlier.
There could possibly be some volatility within the coming days
In an X put upcryptanalyst Ali Martinez warned that the times following the final three US presidential elections had been risky for the value of Bitcoin. Nevertheless, he added that the general pattern stays upward.
Economist and cryptanalyst Alex Krüger additionally warned concerning the potential decline that the value of Bitcoin may face after the US election. He claimed that there’s a 45% probability that BTC can fall as little as $65,000 if Kamala Harris wins the election.
Together with his pro-crypto stance, Donald Trump seems to be probably the most most well-liked candidate within the crypto group. As such, the market may initially react negatively to a Harris win whereas absorbing a Trump loss.
On the time of writing, Bitcoin is buying and selling round $68,000, down over the previous 24 hours, based on information from CoinMarketCap.
Featured picture created by Dall.E, chart from Tradingview.com
