Matthew Hyland: Bitcoin Election Year Models Could Offer Opportunities for Investors
The cryptocurrency analyst Matthew Hyland claims that the price chart of Bitcoin resembles trends from past election years in the United States and that its recent lack of momentum may be drastically reversed. In an Aug. 16 research video, the analyst said that “Bitcoin has seen the same sort of structure.” He clarified that before the US presidential elections in 2012, 2016, and 2020, there were comparable trends in Bitcoin’s long consolidation that were followed by a decline, which saw the cryptocurrency drop below $50,000 at the start of August.
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. This sort of path is what i’m expecting. A little choppy, nothing too crazy, then probably October, November, we’ll move out of this range,
Hyland
Analysts Warn: Bitcoin Price Could Fall as Low as $40,000
There might be more falling below its present range, according to some traders.
Personally I think Bitcoin price will be lower than its current price before the end of September,
But, he believes that the stock market and it will both have a brief rebound from the recent decline to $59,000 in late August before moving on to September.
Some analysts think that Bitcoin might return to the $40,000 region, where it briefly touched on August 5 at $49,842, on what is now known as “Black Crypto Monday.” To secure the optimum entry price ahead of the next bull run, Bitcoin enthusiasts should hold off until the asset’s price drops to the mid-$40,000 range, according to 10x Research head of research Markus Thielen.
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