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Bitcoin’s price, currently at $59,089, could drastically shift in the coming months, with election year trends suggesting potential volatility.
Historical Trends Suggest Drastic Bitcoin Shift
A cryptocurrency specialist has predicted that Bitcoin's recent lack of momentum would be drastically reversed, and the price chart is reflecting trends observed in years leading up to US elections.
"Bitcoin has seen the same sort of structure," crypto expert Matthew Hyland pointed out in an Aug. 16 analysis video. He compared the current pattern of Bitcoin's prolonged consolidation and subsequent decline—which saw the cryptocurrency drop below $50,000 at the start of August—to patterns observed in 2012, 2016, and 2020, just before the US presidential elections.
Election Year Volatility May Affect Bitcoin Price
“I’ll go back to August 2012, a massive crash right here. Then we slowly moved into the election before moving up drastically after the election,” Hyland explained.
“This sort of path is what i’m expecting. A little choppy, nothing too crazy, then probably October, November, we’ll move out of this range.” Hyland predicted that "Bitcoin’s price will remain in its current range for “a little bit longer.”
On November 5, 2024, Americans will go to the polls to choose their president.
According to data from CoinMarketCap, Bitcoin has fallen 9.78% since July 18 and is trading at $59,089 at the time of publication.
The market may fall much further below its present level, according to some traders. Rager, a cryptocurrency dealer, posted on August 16th:
Experts See Potential Drop to Low $40,000s
On what is now known as "Black Crypto Monday," August 5, Bitcoin momentarily reached a height of $49,842. Some have speculated that Bitcoin may return to the $40,000 zone.
Michael van de Poppe, founder of MN, also mentioned:
If Bitcoiners want to join in on the next bull run at the best price, head of research at 10x Research Markus Thielen says they should sit on their hands until the asset's price drops to the low $40,000 zone.
“To ideally time the next bull market entry, we aim for Bitcoin prices to fall into the low 40,000s,” Thielen stated in a report that Cointelegraph reviewed on August 7th.
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