The history data shows Presidential elections are always making a turning point for bitcoin as they are considered as a serious catalyst when it comes to economic trends. The election process can make changes In power that often alter the global markets’ course so let’s read more in today’s Bitcoin news.
The history data shows that elections are a turning point for bitcoin and they usually work in favor of the number one cryptocurrency. The launch of the cryptocurrency came a few months after the 2008 elections and its parabolic cycle in 2012 was kicked off after Obama got re-elected and its 2016 bull trend that took place after Trump’s 2016 election. Over the past few months, Bitcoin’s price increased from its multi-month lows of $9000 to $14,100 which were set less than a week ago.
If history repeats itself, the 2020 elections could mark the start of the digital asset’s next parabolic tend which is already starting to show signs of a new start. During the previous 4 years, Bitcoin saw immense growth on multiple fronts like gaining mainstream adoption among institutional and retail investors while also seeing parabolic price gains. During the November elections in 2016, BTC was trading at $730 while Ethereum was set at $10. This only shows how massive the bull run between 2016 and 2017 truly was with the bear market not even coming close to deleting the gains that were seen over this time frame.
Ethereum still has a way to go before it reaches the 2017 highs in the lower $1000 region as Bitcoin is slowly approaching its all-time high as bulls take control of its mid-term outlook. Messari analyst Ryan Watkins explained that the presidential elections in the US have taken place at the start of the bulls runs including the that was seen between 2012 and 2014 as well as between 2016 and 2017.
“Not a lot of people know this, but US presidential elections are a leading indicator of Bitcoin bull runs. The 2008 election was such a strong catalyst it caused the launch of Bitcoin just 2 months later. The results speak for themselves.”
Watkins believes that the reduced economic uncertainty provides fertile ground for BTC to grow upon:
“The reduced uncertainty following elections provides fertile ground for Bitcoin bulls runs. Presidential Elections > Halvings.”
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