The US election is just around the corner, and everyone’s talking about crypto! Both candidates have made it clear they’re interested in the future of digital assets, and this has got investors and analysts watching Bitcoin closely.
Bitcoin’s Election Day History: A Bullish Trend?
Interestingly, Bitcoin has a history of performing well after US elections. It seems like the price on election day acts as a floor, and Bitcoin tends to go on a big run afterwards.
Looking at the last three elections, Bitcoin’s price on election day was a starting point for a major rally. In 2020, Bitcoin was trading around $13,569 on election day. After the election, it went on a wild ride, reaching a peak of over $69,000 in 2021! Even during the bear market of 2022, that $13,569 price level acted as support, showing how significant it was.
What’s Next for Bitcoin?
If history repeats itself, Bitcoin could be in for a huge run in the next few months. It’s currently trading around $68,700, and it’s already broken through $73,000 recently, testing its all-time high from March 2024.
If this election day trend continues, we could see Bitcoin break past its all-time high before the end of November, and potentially even reach $300,000 before the next election!
