Market analysts are still wondering how the Bitcoin price could react to a victory of Donald Trump or Kamala Harris in the US US presidential elections. History indicates that Bitcoin’s future trajectory will be bullish, regardless of who wins the election.
How Bitcoin’s price has reacted to previous winners
Bitcoin price has always reached modern highs highest level ever (ATH) regardless of the winners of the previous US presidential elections. In 2012, after Barack Obama won the election, Bitcoin appreciated and in 2013 it reached a modern ATH of $1,200. Then its price stabilized until the next elections in 2016.
The 2016 US presidential election, which Donald Trump winning, also marked the beginning of another impressive rise in Bitcoin’s price, which rose to a modern ATH of $19,000 the following year. In 2020, after Joe Biden won the US presidential election, the price of BTC rose to a modern ATH of $69,000.
Bitcoin price rally after US presidential elections This is believed to be due to the market certainty provided by the election aftermath. Meanwhile, based on history, the BTC rally may start as early as December, and the flagship cryptocurrency will reach a modern ATH as early as January 2024.
In 2016, Bitcoin’s price rally began about three weeks before the election and reached a modern peak in the first week of January 2017. In 2020, BTC also consolidated for about six months before starting to rise from $11,000, or about three weeks before the US elections, then reached a modern record high of $42,000 in January 2021.
Bitcoin’s recent price action also looks the same as BTC started rising in mid-October and even he was close to reach its current ATH of $73,700 delayed last month. Therefore, there is a possibility that the flagship cryptocurrency will test this ATH again and break it as early as January 2024 or even earlier.
There may be some volatility in the coming days
In Post XCryptocurrency analyst Ali Martinez warned that the days following the last three US presidential elections were volatile for the price of Bitcoin. However, he added that the general upward trend had been maintained.
Economist and cryptocurrency analyst Alex Krüger also warned on a potential drop in the price of Bitcoin after the US elections. He claimed that there is a 45% chance that BTC could fall as low as $65,000 if Kamala Harris wins the election.
Due to his pro-crypto stance, Donald Trump appears to be the most preferred candidate in the crypto community. Therefore, the market may initially react negatively to a Harris win while considering a Trump loss.
At the time of writing, Bitcoin is trading at around $68,000, down over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
