Is This The Last Week Bitcoin (BTC) Will Ever Be Below $70K?
With the US elections approaching, Bitcoin's price may not dip below $70K again, following historical trends during election weeks.
As the US presidential elections approach, the cryptocurrency community is closely monitoring how the outcome may affect Bitcoin (BTC) and other altcoins. The choice between maintaining the current economic trajectory or shifting towards a new direction, particularly with Donald Trump as the Republican candidate, is anticipated to have significant implications.
Historical Trends in Bitcoin Prices During Election Weeks
Crypto trader EllioTrades presented an intriguing chart indicating that the week of US elections has historically marked a low for Bitcoin prices that was never revisited.
- Previous election weeks in 2012, 2016, and 2020 saw Bitcoin prices hit lows that were not surpassed in subsequent years.
- In 2012, Bitcoin was valued at around $12, in 2016 at approximately $720, and in 2020 at $14,900.
- Notably, Bitcoin nearly reached the $14,900 mark again during the 2022 bear market but rebounded above $16,000.
Given this trend, some analysts speculate that Bitcoin may not drop below $70,000 again, especially considering it recently peaked at $73,600.
Political Candidates and Their Stance on Crypto
The question of which candidate is better for Bitcoin remains complex. Trump has expressed a bullish attitude toward Bitcoin, advocating for its use and promising a supportive environment for mining in the US.
- He has also previously criticized Bitcoin, labeling it a scam, which raises questions about his commitment to the crypto community.
- Conversely, the Democrats, including Vice President Kamala Harris, have been perceived as less favorable towards cryptocurrency, with minimal mentions during the campaign.
While Trump appears to be the more crypto-friendly option on the surface, his past statements create uncertainty regarding his true stance.
What Lies Ahead for Bitcoin?
As the election draws near, the crypto community is left pondering whether this will indeed be the last week Bitcoin remains below $70K. With historical patterns suggesting a potential upward trajectory, investors are keenly watching market movements and political developments.
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