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Will US Presidential Election Affect Bitcoin?
Apr 28, 2020 Forex News
In recent days, the theme of Bitcoin halving has become especially popular. And searches related to this theme are the most trending in Google after COVID 19.
However, one of the analysts decided to draw a parallel between the US presidential election and the growth of Bitcoin price. He admits that the presidential election will be more important for the price of Bitcoin than halving, which is already embedded in the current price of Bitcoin, as some traders say.
The analyst compared the price charts of Bitcoin with the time of Obama's victory in 2012 and Trump's victory in 2016. These two events marked the beginning of the big bullish growth of Bitcoin and other cryptocurrencies.
Ryan Watkins, a research analyst at Messari Crypto, tweeted:
Few people know about this, but the US presidential election is the main indicator of #Bitcoin.
The 2008 elections became such a strong catalyst that they triggered the launch of Bitcoin in just 2 months.
If we analyze the price chart of BTC/USD for 10 years, we can see that both times after the presidential election, Bitcoin began to grow and the next year after the election it reached a new maximum.
In 2008, Obama became president of the United States. And after that, Bitcoin was created. In 2012, Obama became president for the second time, at which time Bitcoin was trading in the range of $100 - $200, and in 2013 its price reached a maximum of $1152.
In November 2016, when Donald Trump became president, the price of Bitcoin was $710. And the very next year, Bitcoin reached a maximum of $19800.
Thus, it can be assumed that the presidential election will also refuse to influence the price of Bitcoin.
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