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According to some analysts, the price chart of Bitcoin reveals patterns similar of prior U.S. election years, which might lead to a probable reversal in its present bad performance. Expert in cryptocurrencies Matthew Hyland noted in an August 16 video themes from 2012, 2016, and 2020—all of which occurred before to the U.S. presidential elections—mirrored in Bitcoin’s current long-standing consolidation followed by a downturn.
Hyland claims that in preceding election years, Bitcoin experienced significant losses in August followed by a comeback in the months before the vote. As history cycles have indicated, he predicts a probable breakthrough in October or November; nonetheless, he expects Bitcoin’s price to remain erratic for a bit.
Not all vendors, however, have optimism. Some believe that Bitcoin could witness further bearish swings before any meaningful return. Others, like MN creator Michael van de Poppe, advised of further lows should Bitcoin lose crucial support levels; crypto trader Rager expressed his view that the price may collapse below its existing level by the end of September.
Before buying Bitcoin, consumers should wait for a probable drop below the low $40,000 level, advises Markus Thielen of 10x Research; this might be the best entry point ahead of the next bull run.
At the time of posting, Bitcoin is selling $59,207; down 10% from July 18.
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