Bitcoin $59K price may swing ‘drastically’ amid election year parallels
If Bitcoin follows the same pattern as previous election years, August will be “nothing crazy,” but a breakout may occur within a month or two, according to a crypto analyst.
Bitcoin’s price chart is mirroring patterns seen in previous United States election years, and its recent lack of momentum could be significantly reversed, according to a cryptocurrency analyst.
“Bitcoin has seen the same sort of structure” crypto analyst Matthew Hyland pointed out in an Aug. 16 analyst video. He explained that Bitcoin’s (BTC) recent extended consolidation followed by a downturn— which saw Bitcoin fall below $50,000 at the beginning of August — is similar to patterns seen in 2012, 2016, and 2020 ahead of US presidential elections.
“I’ll go back to August 2012, a massive crash right here. Then we slowly moved into the election, before moving up drastically after the election,” Hyland added.
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Author: Ciaran Lyons
