- Bitcoins $59K Price actions mirror previous US presidential election years: In general, the mentioned pearls of the history of world literature were created during the following years: 2012, 2016, and 2020.
- Bitcoin’s trading price tends to have long-range consolidation and depreciation before an election then it rises after the election.
- Bitcoin has formed a trading range and has not had any direction for the past weeks trading at about $59k.
- Others are of the opinion that 1BTC will hit the next significant level on the election neighborhood on November 5, 2024.
Bitcoin Price Might Have Some Movement at the Time of 2024 US Elections
The actions of bitcoin is replicating that which was observed during the previous US presidential election years: 2012, 2016, and 2020. According to crypto analyst Matthew Hyland, Bitcoin often has long-range consolidation and a devaluation before elections and then increases after that.
The current stagnation is due to the previously observed election year behaviour.
Besides, to his proclivity, Hyland noted that close to the election year, that is August 2012, Bitcoin fell sharply before surging in the period after the election. Similarly, BTC has been in a sideways trend and it has seriously failed to portray any direction over the last few weeks at $59k. Of this, Hyland says is reminiscent of previous yearly election price behaviour and which tells of more short-term fluctuations.
The same being the commonplace that the near term trading price range shall be within $40k-$59k.
At the low-side of the range, $40,000 is visible but few think that Bitcoin will drop to this level to get to the next bull cycle while most anticipate that BTC will trade in between $40,000 and $59,000 in the next 1-2 months. Trader ‘Rager’ has pointed to the bounce and reversal back to the $59,000 range by the end of August and further selloffs in September.
Potential Stock Tangible Breakout Effects Post November 2024 US Election
A few voices argue that the neighbourhood of the election on November 5, 2024, will be the next key level in the price of Bitcoin. In the words of Hyland, that makes the this year’s October and November to mark the BTC breakout of this range for the new bull market. As it was previously mentioned previous elections have taken place before some steep inclinations.
Dollar-Cost Averaging Recommended
Given this 4-year cycle, it becomes very difficult to buy into the investment and then sell out at the right time and hence, the effectiveness of dollar-cost averaging . While in the sideways trading, the industry pundit compares to urged investors to continue accumulating bitcoin to take advantage of the volatility.
Here are the analyzed opinions of the Source article’s analysts briefly explaining how the US elections have previously impacted the previous BTC prices. This also gives the present trader sentiment as they wait for the 2024 vote and long term investment plan.
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