Fun

Bitcoin $59K price may swing 'drastically’ amid election year parallels

News Feed - 2024-08-17 02:08:50

Ciaran Lyons3 hours agoBitcoin $59K price may swing "drastically’ amid election year parallelsIf 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.3128 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin’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.Crypto analyst highlights similar patterns in previous election years


“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.


“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 added, while predicting that Bitcoin’s price will remain in its current range for “a little bit longer.”


The 2024 US presidential election is scheduled for November 5.Crypto analyst Matthew Hyland believes Bitcoin will stay in its current range for a "little bit longer." Source: X/Matthew Hyland


At the time of publication, Bitcoin is trading at $59,089, down 9.78% since July 18, according to CoinMarketCap data.


Meanwhile, some traders believe there may be further downside below its current range. “Personally I think Bitcoin price will be lower than its current price before the end of September,” crypto trader Rager wrote in an Aug. 16 X post. However, he anticipates a short-term recovery from the recent dip to $59,000, along with the stock market, in “late August” before heading into September.Some traders see $40K range as possible


Others believe Bitcoin may revisit the $40,000 range, a level it briefly reached on Aug. 5 at $49,842, on what’s now called “Black Crypto Monday.”


“Holding a crucial level of support, losing $56K and we will likely see new lows or a retest at $48K,” MN founder Michael van de Poppe added.


Related:Bitcoin’s bull rally will continue another 350 days: Bybit


However, 10x Research head of Research Markus Thielen suggested that Bitcoiners should wait on the sidelines until the asset’s price falls to the low $40,000 zone to get the best entry price ahead of the next bull run.


“To ideally time the next bull market entry, we aim for Bitcoin prices to fall into the low 40,000s,” Thielen wrote in an Aug. 7 report viewed by Cointelegraph.


Magazine:AI may already use more power than Bitcoin — and it threatens Bitcoin mining# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# TradingAdd reaction

News Feed

Here Are the Top Public Companies That Have Adopted Bitcoin as a Reserve Asset
Here Are the Top Public Companies That Have Adopted Bitcoin as a Reserve AssetWhen Microstrategy Inc. bought $425 million bitcoin in the last two months, the decision became an impo
Hip Hop Star Ja Rule Discusses the Growing NFT Space and Crypto — ‘I Like the Fact That Bitcoin Is Decentralized’
Hip Hop Star Ja Rule Discusses the Growing NFT Space and Crypto — "I Like the Fact That Bitcoin Is Decentralized" The non-fungible token (NFT) industry has exploded in 2021 as mi
Skybridge Expects Bitcoin to Reach $300K in 6 Years — ‘You Are Going to See a Lot More Commercial Activities’
Skybridge Expects Bitcoin to Reach $300K in 6 Years — "You Are Going to See a Lot More Commercial Activities" Skybridge Capital is “pretty optimistic” about bitcoin
South Africa’s Digital Bank Tyme Completes Series B Round With Additional $70M Capital Raise
South Africa"s Digital Bank Tyme Completes Series B Round With Additional $70M Capital Raise Tymebank, a South Africa-based digital bank, recently completed its Series B funding ro
Savannah Fortis10 hours agoGoogle updates service policies to comply with EU regulationsGoogle and other major internet platforms must update their service policies to comply with EU standards from its Digital Services A
Bitcoin Verde’s New Project Aims to Promote Bitcoin Cash Node Diversity
Bitcoin Verde"s New Project Aims to Promote Bitcoin Cash Node Diversity Software developer Joshua Green announced Friday via the read.cash blog that the Bitcoin Verde team is lau
Ethereum Leads Altcoin Rally with Solana and Dogecoin – Best Crypto to Buy Now
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Price Crash Below $100,000 Not The End As Analyst Predicts Another 52% Jump
Este artículo también está disponible en español. The Bitcoin price action in the past 24 hours saw it breaking below the $100,000 price mark again very briefly before br
Brazilian Digital Real Passes Public Blockchain Pilot Test With Flying Colors
Brazilian Digital Real Passes Public Blockchain Pilot Test With Flying Colors A tokenized version of the digital real, the Brazilian central bank digital currency (CBDC), has passe
Binance CEO: Most Governments Understand Crypto Adoption Will Happen Regardless
Binance CEO: Most Governments Understand Crypto Adoption Will Happen Regardless Binance CEO Changpeng Zhao (CZ) says that most governments know that crypto adoption will happen reg
Japanese Gaming Giant Sega to Launch First Blockchain Game
Japanese Gaming Giant Sega to Launch First Blockchain Game Sega, one of the largest Japanese gaming companies, has announced that it will launch its first blockchain game in collab
DOJ-Appointed US Trustee Objects to Subpoena Request in FTX Bankruptcy Case
DOJ-Appointed US Trustee Objects to Subpoena Request in FTX Bankruptcy Case Following a request from FTX lawyers to subpoena FTX co-founder Sam Bankman-Fried (SBF) and members of h