The US elections are brisk approaching, and voters are expected to cast their final votes in the next 48 hours. There has been a unique focus on the cryptocurrency industry this election season as the two primary candidates, Kamala Harris and Donald Trump, have addressed the future of digital assets as key point of the campaign.
With the election just around the corner, market analysts and investors are closely watching Bitcoin and other cryptocurrencies to find out how they might react after the announcement of the election results. This is for performance reasons could make or break continuing upward trend in November and December.
Interestingly, history shows that Bitcoin’s price on US election day has always served as a floor price for a parabolic rally.
Bitcoin price on US election day could set the stage for a parabolic rise
The election result could play a key role in strengthening or halting the upward momentum that is expected to continue in November and December. Specifically, the candidates presented their views on cryptocurrency regulation and the potential role of blockchain technology in the U.S. economy.
This renewed political interest signals that cryptocurrencies have firmly entered mainstream political discussions and there could be regulatory changes depending on who wins the presidency.
Nevertheless, history suggests that Bitcoin is a prime candidate for a post-election rally. Interestingly, Bitcoin’s price never dropped below its election day price and always went parabolic after the US election. This positive Bitcoin price trend has been revealed on social media platform X through a popular crypto media account.
According to the Bitcoin price chart below, Bitcoin prices over the last three election dates served as floor prices before the parabolic rally. For example, Bitcoin was valued at $13,569 in the previous 2020 election.
Following the election, Bitcoin’s price surged in the following months, ultimately peaking above $69,000 in 2021. Notably, the $13,569 price from the 2020 election even acted as support during the 2022 bear market, further underscoring the importance Bitcoin price on election day.
What’s next for Bitcoin?
If history were to repeat itself with Bitcoin’s election day price, we could see Bitcoin trading parabolic in the two months remaining in 2024 and well into 2025. Interestingly, one could argue that Bitcoin is even in a crisis phase. much better position go to a parabolic rally than on the last three election dates.
At the time of writing, Bitcoin is trading at $68,700. Recent price action has seen Bitcoin break above $73,000 over the past few days to retest its March 2024 all-time high of $73,737. If we factor in the trend on Election Day, we’ll see Bitcoin breaks the past this level before the end of November. Breaking fresh all-time highs would open the stock up to $300,000 before the next election season.
Featured image from Reddit, chart from TradingView
