Countdown to US Election: Bitcoin Price History Suggests Rally
Within 48 hours, US voters will cast their final ballots. Kamala Harris and Donald Trump have discussed the future of digital assets as campaign issues, highlighting the crypto business this election season.
Market experts and investors are monitoring Bitcoin and other cryptocurrencies to see how they respond to the election results. Performance might make or break bullish momentum in November and December.
Historical data reveals that the Bitcoin price on US election day has always experienced a parabolic surge.
Bitcoin's US Election Day Price Could Cause A Parabolic Rally
The election may boost or slow bullish momentum in November and December. Candidates have discussed bitcoin restrictions and blockchain technology's possible impact on the US economy.
This newfound political attention shows that crypto has entered mainstream policy talks and might change depending on the president.
However, history shows Bitcoin will rise following the election. Bitcoin has never dropped below election day prices and has gone parabolic following US elections. A renowned crypto media account on X discovered this good Bitcoin price trend.
Bitcoin prices have floored before parabolic rallies in the previous three election dates, according to the chart below. Previous election in 2020, Bitcoin cost $13,569.
Bitcoin rallied after the election, culminating around $69,000 in 2021. The 2020 election price of $13,569 even supported Bitcoin during the 2022 bad market, underlining its importance.
Bitcoin: What Next?
Bitcoin's price might go on a parabolic surge in the two months remaining in 2024 and long into 2025 if history repeats itself on election day. Interestingly, Bitcoin may be better positioned for a parabolic surge than the prior three election days.
Bitcoin now trades at $68,700. Bitcoin has retested its March 2024 all-time high of $73,737 after breaching over $73,000 in recent days. If we consider election day trends, Bitcoin may breach this level before November.
