Bitcoin Price Nears $59K, Could See Significant Fluctuations Due to Election Year Similarities — Insights from TradingView News
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<p class="">Throughout historical US election years, Bitcoin's price trends appear to display reoccurring patterns. The current stagnation might precede a significant rally, a crypto expert suggests.</p>
<p class="">"The trajectory of Bitcoin closely aligns with historical data," noted crypto analyst Matthew Hyland in his analytical video dated August 16. Hyland observes parallels between Bitcoin's recent sideways movement followed by a decline—dipping below the $50,000 threshold at the onset of August—akin to patterns from election years 2012, 2016, and 2020 preceding US presidential votes.</p>
<p class=""><strong class="root-Tkn6WL2y">Analyst underscores repetitive election year trends in crypto</strong></p>
<p class="">"Let's revisit August 2012: we experienced a significant crash and subsequent gradual rise leading up to the election, succeeded by a notable surge post-election," elucidated Hyland.</p>
<p class="">"I'm anticipating a somewhat uneven trajectory, without any drastic movements. Expect October or November as the likely timeframe for breaking out of this stagnant phase," Hyland asserts, envisaging that Bitcoin will fluctuate within its present bracket for a while yet.</p>
<p class="">The US presidential election of 2024 is penned for November 5.<span class="container-S5VA5POt"><figure><div style="height:inherit;margin:0 auto;max-height:600px;max-width:1092.9032258064517px;aspect-ratio:1.821505376344086" class="preview-gDIex6UB fixedHeight-gDIex6UB preview-S5VA5POt"><picture class="picture-gDIex6UB"><source src="https://s3.tradingview.com/news/image/cointelegraph:8005b87ac094b-bc44678359452077e07eaf00a37f390a-resized.webp" type="images/webp"/><img style="background-color:#3b1917" alt="" src="https://s3.tradingview.com/news/image/cointelegraph:8005b87ac094b-bc44678359452077e07eaf00a37f390a-resized.jpeg" role="presentation" loading="lazy" class="image-gDIex6UB image-S5VA5POt"/></picture></div><figcaption class="caption-S5VA5POt"><span class="copyright-S5VA5POt">Cointelegraph</span></figcaption></figure></span></p>
<p class="">As of the current report, Bitcoin is valued at $59,089, showcasing an approximate 9.78% reduction since July 18, per CoinMarketCap's statistics.</p>
<p class="">Conversely, certain market participants forecast a further descent beneath its recent bracket. "I'm of the view that the Bitcoin valuation may drop below its recent figures by the close of September," postulated crypto trader Rager on August 16. Albeit predicting a bounce back to $59,000 along with an equity market uptick in "late August" before September begins.</p>
<p class=""><strong class="root-Tkn6WL2y">A retreat to the $40,000 zone deemed plausible by some</strong></p>
<p class="">There's a belief among others that a regression to the $40,000 level is on the cards, harking back to Bitcoin's fleeting touch of $49,842 on the so-dubbed "Black Crypto Monday" of August 5.</p>
<p class="">"Protecting a pivotal support threshold is key; failure to maintain above $56K could culminate in either fresh lows or a $48K retest," commented MN founder Michael van de Poppe.</p>
<p class="">Yet, 10x Research's chief of research Markus Thielen contends that Bitcoin enthusiasts might opt to hold off on active participation until the digital currency's price plummets into the lower $40,000 region, thus securing an optimal juncture for entry before the imminent bullish phase.</p>
<p class="">"Our target for timing an optimal bull market ingress involves Bitcoin's price correction to the lower $40,000s range," Thielen indicated in an August 7 analysis substantiated by Cointelegraph.</p>
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