Originally published on: August 17, 2024
As Bitcoin’s price continues to hover around $59,000, cryptocurrency analysts are drawing parallels with previous United States election years to predict potential price movements. According to expert Matthew Hyland, Bitcoin’s recent lack of momentum could soon be reversed, following a pattern seen in 2012, 2016, and 2020.
Highlighting similarities in Bitcoin’s price structure, Hyland noted that previous election years also saw extended consolidation periods followed by significant upswings post-election. He predicted a similar trajectory for Bitcoin in the coming months, expecting the cryptocurrency to break out of its current range by October or November.
Despite the current stability in Bitcoin’s price, some traders anticipate further downside in the short term. While trader Rager predicts a potential dip below $59,000 before September, others like Michael van de Poppe suggest a retest at $48,000 or even a revisit to the $40,000 range.
On the other hand, research analysts like Markus Thielen advise potential investors to wait for Bitcoin to fall into the low $40,000s before considering entry for the next bull run. By timing the market effectively, investors can capitalize on the best entry prices to maximize their returns.
With the 2024 US presidential election on the horizon, Bitcoin’s price movements are closely watched for potential correlations with election year patterns. As the cryptocurrency market continues to fluctuate, both traders and analysts are preparing for potential price swings in the coming months.
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