Market analysts have continued to deliberate on how the Bitcoin worth might react to a Donald Trump or Kamala Harris victory within the US presidential elections. Historical past signifies that Bitcoin’s future trajectory is bullish, no matter who wins the elections.
How The Bitcoin Worth Has Reacted To Earlier Winners
The Bitcoin worth has all the time hit a brand new all-time high (ATH) whatever the winners previously US presidential elections. In 2012, after Barack Obama received the elections, Bitcoin rallied and reached a brand new ATH of $1,200 in 2013. Its worth then consolidated till the following election in 2016.
The 2016 US presidential elections, which Donald Trump received, additionally sparked the start of one other spectacular rally for the Bitcoin worth, which rose to a brand new ATH of $19,000 the next yr. In 2020, following Joe Biden’s victory within the US presidential election, BTC rose to a brand new ATH of $69,000.
The Bitcoin worth rally after the US presidential elections is believed to be because of the market certainty that the election aftermath gives. In the meantime, based mostly on historical past, the BTC rally might start as quickly as December, with the flagship crypto hitting a brand new ATH as quickly as January 2024.
In 2016, the Bitcoin worth rally started about three weeks earlier than the election and went on to hit a brand new excessive within the first week of January 2017. In 2020, BTC had additionally consolidated for about six months earlier than it started to rally from $11,000 nearly three weeks earlier than the US elections after which went on to achieve a brand new excessive of $42,000 in January 2021.
Bitcoin’s current worth motion additionally seems to be to be enjoying out the identical approach as BTC started rallying in mid-October and even came close to hitting its present ATH of $73,700 late final month. As such, there may be the chance that the flagship crypto might once more retest this ATH and surpass it as quickly as January 2024 and even earlier than then.
There Might Be Some Volatility In The Coming Days
In an X post, Crypto analyst Ali Martinez warned that the times following the final three US presidential elections have been risky for the Bitcoin worth. Nevertheless, he added that the general pattern has stayed upward.
Economist and crypto analyst Alex Krüger also warned in regards to the potential pullback the Bitcoin worth might face after the US elections. He claimed that there’s a 45% likelihood that BTC might drop to as little as $65,000 if Kamala Harris wins the elections.
Because of his pro-crypto stance, Donald Trump seems to be to be essentially the most most popular candidate within the crypto group. As such, the market might initially react negatively to a Harris win whereas taking in Trump’s loss.
On the time of writing, the Bitcoin worth is buying and selling at round $68,000, down within the final 24 hours, in line with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
