Bitcoin Price Surge in 2024? Halving & Election Impact

With Bitcoin’s popularity in the cryptocurrency market, numerous supporters, and investors are looking forward to whether the halving in 2024 and the US elections in the same year could lead to a high price rise. There is history repeating itself seen by the latest tweet of a popular BTC trader by the name of Mister Crypto where he points out that the two events on the BTC price chart are key milestones that support an upward trend of the BTC price. However, is Bitcoin really gearing up for another price spike? Here are the aspects that we will discuss in further detail and which could possibly affect the further Bitcoin price movements in the nearest future.

Bitcoin’s Past Historical Patterns

Bitcoin has had a very interesting history and while the prices seemed to be volatile it seemed to respond to important events. The coming of halving 2024 and the US election might be making history repeat its self according to Mister Crypto. However, to see what might be, to make conclusions for the future, one must turn to the past.

2012: Bitcoin’s First Halving and US Election

In 2012, the cryptocurrency was yet to popularize with the public since its market capitalization was slightly above $100 million. At that time, for instance, the price of bitcoin ranged from $10 to $12. That’s not the case; however, things changed dramatically with the first Bitcoin halving which prompted a massive shift. The price of Bitcoin by October 2013 hit nearly $200 which is twenty times more than what the currency was at the start of the year. Interestingly this event occurred at the time when Barack Obama was re-elected again in the US presidency Elections and many started asking themselves if elections could affect the Bitcoin price.

2016: The Second Halting and Another US Election

Regarding the next halving event, it is necessary to turn the clock to 2016 and the second Bitcoin halving that occurred on July 9. At that time the dollar value of the Bitcoin was roughly $663. This was another landmark for the cryptocurrency for by the first week of January its price had soared to its record high of $19,700 by December end of the same year. This increase was due to the rising acceptance of Bitcoin as a store of value due to geopolitical risks and the emerging interest in digital assets.

2020: Bitcoin’s Third Halving Amid a Global Pandemic

2020 is a year that remains quite remarkable to the Bitcoin price as it remains to many others. The third Bitcoin halving which occurred early in the year laid the platform for another strong price momentum. Looking at the performance of Bitcoin in the previous elections, the price of the Bitcoin was around $,13000. However, by early 2021, institutional investments by organizations such as MicroStrategy, Tesla, as well as Square placed the Bitcoin price to an all high $69,000. This was an indication that some events such as the halving of the BTC and the US election could cause massive fluctuations in the price of Bitcoin.

What will expect in the year 2024?

Several people today are making predictions about Bitcoin in regard to the upcoming 2024 US elections and the fourth halving event. Mister Crypto also says that they can result in a price increase that has been observed in previous cycles. However, what are those factors, and how might they affect the price of Bitcoin that is still relatively unknown.

The 2024 US Elections

American elections have always impacted the financial markets, and this has affected Bitcoin in some way as well. Fluctuations in fiscal policies, laws and market perceptions may be affected during elections and thus cause instability. The investors may hold the Bitcoins as a hedge in case of insecure moments, which will result in more demand for the token and more high prices.

Bitcoin Halving: A Important Turning Point

Altogether, 2024 has been eventful for the crypto market which has not been an exception. At the beginning of the year, we witnessed these impressive growth similar to the uptrend due to the Bitcoin halving process and the approval of a Bitcoin ETF. However, mid year formed a cooling period, altcoins suffered the onset of double top tests from the heights they had attained during the early bull run.

Thus, although the markets are at present saturated and only at the end of Q3, they remain still in doubt and anxious whether there is a repetition in Q4.

Institutional Adoption

The third factor is Institutional adoption which could significantly impact the future of Bitcoin’s value. Lately, some firms have started to understand that the cryptocurrency can be viewed as a store of value and an inflation hedge. If the institutional interest continues to pour in, then, there is a possibility that the Bitcoin price will rally again especially if such is coupled up with the halving and the election.

Market Sentiment and Investor Psychology

Last, but not least, there are investor psychology and market sentiment which always influence the price of Bitcoin. Mister Crypto has noted that, based on the previous trends, halving coupled with elections could prove to act as a catalyst for speculation and hence encourage more buying. If indeed we are in the repetition of history scenario we could be looking at another large price spike shortly.

Read Also: Why Bitcoin ETF Security Concerns Are Growing After FBI Alert

Disclaimer: The information provided by CryptopianNews is for educational and informational purposes only. It should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and speculative, and investing in them carries inherent risks. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.