Bitcoin BTC’s Uptober Rally: Analyst Sees Potential Price Explosion After US Election Pattern
Bitcoin is gaining attention as the US presidential election nears, with many expecting a significant rise afterward. Analyst Ali Martinez predicts a bullish surge based on Bitcoin’s past behavior in previous election years.
The cryptocurrency recently showed resilience, recovering from a dip earlier in October, and is now nearing its March ATH of $73,750.
Bitcoin’s Historical Rallies During US Elections
Crypto market analyst Ali Martinez shared data on Bitcoin’s price movements following the last three US presidential elections.
Take a look at #Bitcoin following the last three US Presidential Elections! 👇 I don’t think this time will be different! pic.twitter.com/JALqDU0waH
— Ali (@ali_charts) October 30, 2024
He highlighted that Bitcoin experienced huge surges after the 2012, 2016, and 2020 elections. This historical pattern gives many investors hope that this year’s election could trigger a significant Bitcoin rally again.
Bitcoin skyrocketed 10,640% after the 2012 election, reaching a high of $1,137 by December 2013. Similarly, in 2016, the asset surged 2,698%, climbing to $18,970 by December 2017.
The trend continued after the 2020 election, with Bitcoin soaring 386% to hit $69,000 in November 2021. With these historical trends in mind, Martinez believes Bitcoin could follow the same pattern this time.
He expects another robust surge, fueled by the upcoming election, similar to previous years. This prediction is gaining attention as market watchers eye the November 5 election date.
Factors Driving Bitcoin’s Recent Surge
Bitcoin’s recovery in October was impressive, rebounding by over 17% after falling to $59,506 due to geopolitical tensions in the Middle East.
The price has climbed near its all-time high of $73,700, but the bears mount strong resistance. Despite this, several factors are contributing to Bitcoin’s current strength.
There is growing optimism that the Federal Reserve might cut interest rates soon. This has been seen as a positive sign for Bitcoin, as lower interest rates could drive more investors into the cryptocurrency market.
Additionally, many are hopeful that pro-crypto candidate Donald Trump could win the upcoming election, adding more fuel to the bullish sentiment around Bitcoin.
These factors, combined with the historical data Martinez shared, have created a strong sense of optimism in the market. Like Martinez, many believe Bitcoin could see another major rally after the election, similar to the past three cycles.
With a potential post-election rally in sight, analysts have been speculating on Bitcoin’s peak price. Different experts have set various targets for where Bitcoin might go in 2025. For example, Standard Chartered, a leading bank, believes Bitcoin could reach $200,000 by the end of next year.
🇺🇸 NEW: Bitcoin to Hit $200K by End of 2025, Says Standard Chartered Exec – Regardless of US Election Outcome.
According to the bank executive Geoff Kendrick, three factors are poised to drive the price of Bitcoin to new all-time highs in 2025, including the likely removal of… pic.twitter.com/b7tfWilGVx
— Cointelegraph (@Cointelegraph) September 21, 2024
The brokerage firm Bernstein shares a similar sentiment. However, the company believes this target is a cautious or safe prediction, suggesting that BTC might even exceed $200,000.
Other analysts have set even higher targets. Based on logarithmic projections from Bitcoin’s current upswing, veteran analyst Peter Brandt predicts it could hit $230,000.
A swing target can also be determined by projecting the Nov 2022 low to Mar 2024 high upwards from Aug 2024 low as shown also on log scale
For now I think this is a stretch
My rule is one target at a time
2/3
⬇️🧵 pic.twitter.com/MrMbYzU91t— Peter Brandt (@PeterLBrandt) October 29, 2024
Meanwhile, another market expert, Sina, has a more ambitious prediction. He believes Bitcoin could surpass $285,000 by 2025, using a quantile regression model to support his forecast.
These predictions, combined with Bitcoin’s current price movements, have created a buzz in the market.
With the election just days away, many investors are waiting to see if Bitcoin will once again follow its historical trend of surging after the US elections.
Overall, Bitcoin’s historical performance in election years, combined with current market factors, points to a potential bullish breakout.
