Market analysts continued to deliberate on how the value of Bitcoin may react to a Donald Trump or Kamala Harris victory within the election. US presidential elections. Historical past signifies that Bitcoin's future trajectory is bullish, no matter who wins the election.
How Bitcoin Worth Reacted to Earlier Winners
Bitcoin worth nonetheless hits new absolute document (ATH) whatever the winners of the final American presidential elections. In 2012, after Barack Obama received the election, Bitcoin recovered 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 triggered the beginning of one other spectacular rise within the worth of Bitcoin, which reached a brand new ATH of $19,000 the next yr. In 2020, following Joe Biden's victory within the US presidential election, BTC reached a brand new ATH of $69,000.
The rise in Bitcoin costs after the US presidential elections That is believed to be as a result of market certainty that election outcomes present. In the meantime, primarily based on historical past, BTC's rally might start as early as December, with the flagship crypto hitting a brand new ATH as early as January 2024.
In 2016, Bitcoin's worth rally started round three weeks earlier than the election and reached a brand new excessive throughout the first week of January 2017. In 2020, BTC additionally consolidated for round six months earlier than beginning rebounded from $11,000 about three weeks earlier than the US election, then reached a brand new excessive of $42,000 in January 2021.
Bitcoin's latest worth motion additionally seems to be enjoying out in a similar way as BTC started to rally in mid-October and even I approached to achieve its present ATH of $73,700 late final month. As such, it’s doable that the flagship crypto might retest this ATH and surpass it as early as January 2024 and even earlier than then.
There may very well be some volatility within the coming days
In a MessageCrypto analyst Ali Martinez warned that the times following the final three US presidential elections have been risky for the value of Bitcoin. Nevertheless, he added that the general pattern remained upward.
Economist and crypto analyst Alex Krüger additionally warned on the potential setback the Bitcoin worth might face after the US elections. He claimed that there was a forty five% likelihood that BTC would fall to $65,000 if Kamala Harris received the election.
Attributable to his pro-crypto stance, Donald Trump seems to be the crypto neighborhood's most well-liked candidate. Thus, the market might initially react negatively to a Harris victory whereas nonetheless accepting Trump's loss.
On the time of writing, the value of Bitcoin is buying and selling at round $68,000, down over the previous 24 hours, in keeping with information from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
