The US elections are over, and Bitcoin is looking strong. It’s been on a tear lately, and during the election, it was trading right around $70,000. This might be a big deal for Bitcoin’s future.
Election Cycles and Bitcoin
Historically, Bitcoin’s price has moved a lot around US elections. It seems like these elections create important price levels that Bitcoin doesn’t go below.
- 2012: Bitcoin was super cheap, trading at just $10 on election day.
- 2016: Bitcoin jumped to $710 on election day, and it’s never gone back that low.
- 2020: Bitcoin was around $13,555 on election day. It hasn’t been that low since, even during the big crash in 2022.
So, if this trend continues, $70,000 could become a new floor for Bitcoin. Even if there’s a big dip in the market, it might not go below that level.
Bitcoin’s Future
Bitcoin is currently above $73,000, and it’s been on a crazy run lately. It’s even broken its previous all-time high. People are buying, and it seems like Bitcoin could hit $80,000 before the end of November.
It’s exciting times for Bitcoin, and it’s interesting to see how election cycles might be influencing its price.
