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Potential policy shifts and market sentiment during the 2024 election could affect Bitcoin.
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In 2020, Bitcoin soared from $13k to $69k after the halving and election.
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Past Bitcoin halvings and US elections have consistently triggered significant price increases.
According to a recent tweet by renowned crypto trader Mister Crypto, history may be repeating itself for Bitcoin as the cryptocurrency approaches significant milestones that have previously driven major price movements. Mister Crypto highlighted how the Bitcoin halving event and the upcoming US election mirror the patterns seen in past cycles, sparking speculation about a potential price surge soon.
Bitcoin Past Historical Pattern
Mister Crypto’s analysis draws to earlier 2012, when, Bitcoin was still unknown to the general public, with a market capitalization of just over $100 million. During the US presidential election, when Barack Obama was re-elected, Bitcoin’s price fluctuated between $10 and $12. However, the impact of the first halving triggered a significant surge, pushing the price close to $200 by October 2013—a remarkable 20x increase in value.
The #Bitcoin cycle is repeating. 👀 pic.twitter.com/rGXTeIobiZ
— Mister Crypto (@misterrcrypto) September 17, 2024
2016 Bitcoin Price Comparison
The second Bitcoin halving on July 9, 2016, marked another turning point. At the time, Bitcoin was trading at around $663. Following the halving, Bitcoin skyrocketed to its all-time high of $19,700 by December 2017.
This surge was fueled by the growing recognition of Bitcoin as a hedge against economic uncertainty and geopolitical risks, as well as the rapid rise in popularity of cryptocurrencies.
2020 Bitcoin Price
In 2020, amid the COVID-19 pandemic and the third halving that occurred earlier that year, Bitcoin was trading at around $13,000 during the US elections. By early 2021, growing institutional adoption from companies like MicroStrategy, Tesla, and Square propelled Bitcoin to its previous all-time high of $69,000, demonstrating the impact of these key events on its price.
What To Expect In 2024?
Interestingly, US elections have also been seen to influence Bitcoin’s price movements. Mister Crypto suggests that the upcoming 2024 election could have a similar impact, with potential changes in fiscal policies, regulations, or market sentiment playing a role in Bitcoin’s price direction.