The US presidential elections are just around the corner, with the world’s largest economic force anticipated to choose between continuing with a similar path as the past four years or changing its course completely if they go with Republican candidate Donald Trump.
While the economic consequences will impact millions and millions of people, the crypto community is anticipating how it will affect bitcoin and altcoins.
Never Below $70K Again?
The popular crypto trader EllioTrades showcased a compelling chart earlier today. It indicates that the election week on all three previous occasions in the US during BTC’s existence actually marked a low for the asset that was never repeated again. Meaning, that its valuation has never gone below that level since the last week before the 2012, 2016, and 2020 elections.
Every US election week in Bitcoin’s history has been the lowest price it will ever be again
4 days left
Tick Tock
h/t @KrownCryptoCave pic.twitter.com/JNXSRqvMJ5
— EllioTrades (@elliotrades) November 2, 2024
The chart shows that bitcoin traded at around $12 in 2012, $720 in 2016, and $14,900 in 2020. The first two price tags seem unthinkable at the moment, but BTC actually went close to the last one during the 2022 bear market. Nevertheless, it bounced off at over $16,000 and has never looked back.
As such, if history is to repeat itself, the primary cryptocurrency might never go below $70,000 again. Recall that it jumped to $73,600 earlier this week, which was 0.1% away from a new all-time high, but failed there and has lost roughly four grand to its current price tag of $69,500.
Who Is Better for BTC?
There’s no obvious answer to this question, even though Donald Trump might have the lead. After all, his current stance is quite bullish as he uses BTC to pay for burgers, promised to let mining thrive in the States, vowed to fire SEC chair Gary Gensler, celebrated the 16th birthday of the white paper, and has even launched his own crypto project.
At the same time, the Democrats have had a seemingly harsh stance against the industry. Harris has only briefly mentioned it during her presidential campaign.
Consequently, Trump sounds like the more appropriate choice for crypto investors, at least on paper. However, let’s not forget that he used to be among the vocal haters in the past, calling BTC a scam. As such, sounding good on paper is not enough for most of the community because he still needs to follow through on his promises.
