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Crypto News- Why the U.S. Presidential Election May Propel Bitcoin to New Heights in 2024

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Crypto News- Why the U.S. Presidential Election May Propel Bitcoin to New Heights in 2024

Crypto News- Bitcoin’s Next Big Move? Analysts Eye U.S. Election as Catalyst for All-Time Highs

Crypto News- Bitcoin is on the cusp of a significant price surge, with experts predicting it could move closer to all-time highs following the upcoming United States presidential election. Analysts suggest that the shift to a pro-liquidity environment will be a key factor driving this momentum.

The Impact of Forced Selling on Bitcoin’s Seasonal Struggle

Matthew Sigel, the head of digital assets research at VanEck, discussed in an August 19 interview with CNBC that Bitcoin often struggles between one to three months after its halving, which occurred in April. However, he believes that with forced selling now behind us, Bitcoin is poised for a strong recovery.

Global Liquidity and Bitcoin: A Forming Pattern

Global liquidity is starting to surge, a trend observed by several analysts, including BitVaulty CEO Francesco Madonna. In a recent post on X (formerly Twitter), he noted that this increase in liquidity is forming a pattern that could greatly benefit Bitcoin.

German Government’s Massive Bitcoin Sale and Mt. Gox Creditors’ Hold

Crypto News- Why the U.S. Presidential Election May Propel Bitcoin to New Heights in 2024
Francesco Madonna

In July, the German government sold 49,858 Bitcoin for $2.6 billion. At the same time, approximately 70% of creditors from the bankrupt crypto exchange Mt. Gox have been repaid, with data showing that many have opted to hold onto their Bitcoin. These events underscore the resilience and confidence in Bitcoin’s long-term potential.

The U.S. Election’s Role in Bitcoin’s Future

Sigel points out that the November U.S. presidential election will be a pivotal moment for Bitcoin’s price. Regardless of the outcome, he argues that macroeconomic conditions are likely to remain the same for the next few years. He also emphasizes that the market must prepare for four more years of reckless fiscal policy, which historically has been a time when Bitcoin gains momentum.

Bitcoin’s Stride After the U.S. Election: A Buyer’s Market

Sigel is confident that Bitcoin is ready to recover, stating, We’re buyers here, we really think it can recover. The historical trends suggest that Bitcoin tends to hit its stride after significant political events, and this election could be no different.

FAQs

How could the U.S. Presidential Election impact Bitcoin’s price?

The U.S. Presidential Election can significantly impact Bitcoin’s price due to potential shifts in economic policies, regulatory environments, and overall market sentiment. Analysts believe that regardless of the election outcome, the continuation of current macroeconomic trends, like loose fiscal policies, could drive investors towards Bitcoin as a hedge against inflation and economic uncertainty.

Why do analysts predict that Bitcoin will reach new heights after the election?

Analysts predict that Bitcoin may reach new heights after the election because the market tends to anticipate and react to significant political events. Additionally, as global liquidity increases, and with forced selling pressures behind us, Bitcoin is expected to enter a more favorable environment for price growth.

Crypto News- Why the U.S. Presidential Election May Propel Bitcoin to New Heights in 2024

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