Bitcoin (BTC), the world’s first and largest cryptocurrency, has been associated with several bull runs over the years. One of the most notable upward trends happened in 2012, and financial analyst and cryptocurrency expert Aditya Siddhartha has linked it to the presidential elections in the United States of America (USA).
Why Does the US Presidential Election Matter to Bitcoin?
According to Siddhartha, Bitcoin’s Bull Run in 2012 was preceded by a significant drop in the price of BTC, with a 52% drop seen in the market. However, after the Moving Average Convergence/Divergence (MACD) Bullish Crossover and all major Exponential Moving Average (EMA) Bullish Crossovers, the market began to gain momentum and the bull run began.
In the case of the 2012 BTC bull market, the MACD and EMA indicators gave positive signals, leading to increased investor confidence and a surge in demand for Bitcoin. This resulted in a bull run after the presidential election, with the price of Bitcoin rising by 11800%.
On the same note, Siddhartha noted that the price of BTC experienced a 41% drop in 2016 ahead of the presidential election. However, after the MACD Bullish Crossover and all major EMA Bullish Crossovers, the market started to gain momentum and the uptrend started.
After the presidential election, the price of Bitcoin experienced a post-election bull run, with the price rising by as much as 2800%. This price increase was driven by increased investor demand and growing awareness of Bitcoin’s potential as a store of value and digital asset.
In 2020, Bitcoin saw a significant 22% drop before the presidential election. This decline was largely due to uncertainty about the outcome of the election and the potential impact it could have on the economy and stock market.
However, according to Siddhartha, after the presidential election, the price of Bitcoin experienced a post-election bull trend, with the price rising by 410%.
In addition, Siddhartha has suggested that the price of Bitcoin could see a significant increase to $40,000 ahead of the 2024 pre-presidential election. However, the analyst also expects a 25%-30% decline in the run-up to the election, similar to previous years.
As with previous bull runs, Siddhartha predicts that the MACD Bullish Crossover and all major EMA Bullish Crossovers will send positive signals, leading to increased investor confidence and increased demand for Bitcoin. After the presidential election, Siddhartha expects a post-election bull run, with the price of Bitcoin possibly rising by 450%, resulting in a price range of $180,000-$200,000.
At the time of writing, the price of BTC has been falling since Saturday. It has lost its previously established range between $28,500 and $29,600 and again failed to break the key $30,000 level.
The price of BTC is down 4% in 24 hours
At the time of writing, the price of BTC has been falling since Saturday and is currently trading at $27.7000. It has lost its previously established range between $28,500 and $29,600 and again failed to break the key $30,000 level.
This level is important because it creates a psychological barrier for investors and traders. Currently, BTC is reporting a 4% loss in the last 24 hours, but will Bitcoin manage to halt the current trend and try again to surpass the USD 30,000 level?
According to to CryptoCon, Bitcoin has tracked the Elliott Wave theory quite closely, even using it to set the December 2022 floor at $16,500.
CryptoCon explains that, by definition, even wave 3 cannot be over, as it would then be shorter than wave 1. This means there is still room for Bitcoin to experience significant growth going forward, despite any short-term corrections. term.
Featured image from iStock, chart from TradingView.com
