As a seasoned crypto investor with a decade-long journey in this dynamic market, I have learned to navigate through its turbulent waters with a mix of caution and optimism. The recent price action of Bitcoin, currently hovering around $59,089, has stirred a sense of deja vu within me, as it mirrors patterns from previous U.S. presidential election years.
The cost of Bitcoin, presently standing at $59,089, could witness significant fluctuations as it follows patterns similar to those observed during U.S. presidential election years, according to cryptocurrency expert Matthew Hyland. His analysis suggests that the recent consolidation and drop in Bitcoin’s price, where it dipped below $50,000 in early August, resembles trends seen in 2012, 2016, and 2020.
In a video posted on August 16, Hyland pointed out that Bitcoin’s current trend seems reminiscent of previous years leading up to elections. “Let me take you back to August 2012,” he said, “There was a significant drop around this time. Then, as we approached the election, there was a gradual increase. However, after the election, Bitcoin surged dramatically.”
As a researcher, I’m anticipating a trajectory that might be somewhat uneven, not overly erratic. If my expectations hold true, we should exit this range around October or November.
As a crypto investor, I’m keeping a close eye on the upcoming U.S. presidential election in November. The current Bitcoin price of $59,185 is around 10% lower than it was on July 18, mirroring a wider market trend. This potential shift could significantly impact the future direction of Bitcoin’s price action.
Some traders are exercising caution as crypto trader Rager predicts that Bitcoin’s current price may drop even lower by the end of September. However, he also anticipates a minor rebound towards the latter part of August, although he issues a word of warning about possible decreases in September.
Experts are discussing the possibility of Bitcoin falling to approximately $40,000. Michael van de Poppe, founder of MN, cautions that if Bitcoin fails to maintain support at around $56,000, it could reach new lows or retest the area around $48,000. On the other hand, Markus Thielen from 10x Research suggests that investors may find a better opportunity to buy if Bitcoin drops to the lower range of $40,000.
The current patterns in Bitcoin’s price changes hint at a repetition of the dramatic fluctuations typically observed during previous election years. Some financial experts believe that the recent tightening and drops could indicate a significant change on the horizon.
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2024-08-17 12:20