Author: Scott Matherson
Compiled by: Bai Hua Blockchain
The US presidential election is approaching, and voters will cast their final ballots in the next 48 hours. A unique focus of this election season is the cryptocurrency industry, as the two major candidates - Kamala Harris and Donald Trump - have made the future of digital assets an important campaign issue.
As the election approaches, market analysts and investors are closely watching Bitcoin and other cryptocurrencies, observing their reaction after the election results are announced. This is because the performance of cryptocurrencies may determine whether the bullish trend can continue in November and December.
Interestingly, history shows that the price of Bitcoin on US election day has consistently served as the price floor for a parabolic upward trend. The price of Bitcoin on US election day may lay the foundation for a parabolic upward trend.
The election results may play a crucial role in driving or hindering the expected bullish trend that is expected to continue through November and December. Specifically, the candidates have expressed their views on cryptocurrency regulation and the potential role of blockchain technology in the US economy.
This resurgence of political interest indicates that cryptocurrencies have firmly entered mainstream policy discussions, and regulatory changes may occur depending on who wins the presidential election.
However, history suggests that Bitcoin is poised for a rally after the election. Interestingly, Bitcoin's price has never fallen below its election day price, and has exhibited a parabolic upward trend after each US election. This positive Bitcoin price trend has been disclosed through cryptocurrency media accounts on the social platform X.
According to the Bitcoin price chart below, in the past three election days, Bitcoin's price has served as the price floor, followed by a parabolic upward trend. For example, in the previous election in 2020, the price of Bitcoin was $13,569.
Currently, the trading price of Bitcoin is $69,155. Chart source: TradingView
After the election, Bitcoin saw an upward trend in the following months and ultimately broke the $69,000 high in 2021. It is worth noting that the $13,569 price point during the 2020 election even served as a support level during the 2022 bear market, further highlighting the significance of Bitcoin's election day price.
What's next for Bitcoin?
If history repeats itself, the price trend of Bitcoin on election day may see a parabolic upward trend in the remaining two months of 2024 and the beginning of 2025. Interestingly, it can be said that Bitcoin's current situation is more likely to see a parabolic upward trend compared to the past three elections.
At the time of writing, the trading price of Bitcoin is $68,700. Recent price movements have shown that Bitcoin has broken above $73,000 and retested the $73,737 all-time high set in March 2024. Considering the election day trend, we may see Bitcoin break this level before the end of November. Breaking the all-time high will open up space for Bitcoin's upward trend, potentially reaching as high as $300,000 before the next election cycle.
