Is Bitcoin Poised for a Price Surge? Halving and US Election Could Hold the Key

In keeping with a latest tweet from famend crypto dealer Mister Crypto, historical past could also be repeating itself for Bitcoin because the cryptocurrency approaches key milestones which have beforehand triggered main worth strikes. Mr. Crypto highlighted how Bitcoin’s halving and the upcoming US election mirror patterns from earlier cycles, sparking hypothesis a few doable worth surge quickly.

Bitcoin past historic sample

Mister Crypto’s evaluation refers to earlier 2012, when Bitcoin was nonetheless unknown to most people, with a market capitalization of simply over $100 million. Through the US presidential election, when Barack Obama was re-elected, the worth of Bitcoin fluctuated between $10 and $12. Nonetheless, the impression of the primary halving triggered a major improve, bringing the worth near $200 in October 2013 – a exceptional 20-fold improve in worth.

Bitcoin worth comparability 2016

Bitcoin’s second halving on July 9, 2016 marked a brand new turning level. On the time, Bitcoin was buying and selling round $663. After the halving, Bitcoin skyrocketed to an all-time excessive of $19,700 in December 2017.

This rise was fueled by Bitcoin’s rising recognition as a hedge towards financial uncertainty and geopolitical dangers, in addition to the speedy rise in reputation of cryptocurrencies.

Bitcoin worth 2020

In 2020, amid the COVID-19 pandemic and the third halving that occurred earlier that 12 months, Bitcoin traded round $13,000 throughout the US elections. In early 2021, rising institutional adoption by firms like MicroStrategy, Tesla, and Sq. pushed Bitcoin to its earlier all-time excessive of $69,000, demonstrating the impression of those main occasions on the worth.

What are you able to anticipate in 2024?

Apparently, US elections have additionally been discovered to affect Bitcoin worth actions. Mr. Crypto means that the upcoming 2024 elections may have an analogous impression, with potential modifications in fiscal coverage, regulation or market sentiment taking part in a job in Bitcoin’s worth course.

Additionally See: Bitcoin, Ethereum, XRP Worth Prediction: Make or Break because the Market Turns Unstable?