As Bitcoin gains traction in the global financial system, its reactions to major economic and political events have become increasingly significant. The upcoming U.S. presidential election is one such event, historically impacting Bitcoin’s price. Analyst James Van Straten suggests that regardless of the election outcome, Bitcoin is positioned for a historic surge, potentially surpassing the $100,000 mark post-election.
U.S. Elections: A Bullish Indicator for Bitcoin?
Since Bitcoin’s launch in 2009, it has experienced three U.S. presidential election cycles. In each of these cycles, Bitcoin saw notable gains in the post-election period. If this trend continues, Bitcoin could see another significant rise after the upcoming election. A quick look at previous elections underscores this pattern:
- 2012 Election: In November 2012, Bitcoin traded around $11. A year later, it surged by nearly 12,000%, reaching around $1,100 in November 2013.
- 2016 Election: Bitcoin was priced at approximately $700 in November 2016, but by the end of 2017, it had skyrocketed to $18,000, marking a 3,600% increase.
- 2020 Election: Following the 2020 election, Bitcoin rallied, influenced by pandemic-driven economic changes, reaching nearly $69,000 by the end of 2021, a 478% increase.
