Greed

Fuel

United

Bitcoin

when

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price action and MVRV Z-Score suggest potential gains due to the influence of the US Presidential elections.</li> 
 <li>Historical data indicates that Bitcoin has shown significant price movements during election periods.</li> 
</ul>  
<h2 id="bitcoin-and-the-us-presidential-elections">Bitcoin and the US Presidential Elections</h2> 
<p>Bitcoin [BTC] could experience significant price fluctuations due to the US Presidential elections. Historically, Bitcoin has exhibited substantial price movements around election periods, and this trend could continue.</p> 
<p>The Fear and Greed Index for Bitcoin was at belief at the time of writing, suggesting that the price might rally due to the influence of US election outcomes on crypto markets. The United States, being one of the world’s largest economies, has consistently impacted cryptocurrencies like Bitcoin.</p> 
<h2 id="historical-btc-price-action-and-mvrv-z-score">Historical BTC Price Action and MVRV Z-Score</h2> 
<p>Looking at previous election cycles can provide insight into Bitcoin’s potential performance. For instance, the 2012 election saw Bitcoin surge by over 10,000%, the 2016 election brought gains of 2,698%, and the 2020 election boosted BTC by 386%.</p> 
<p>The political discourse around Bitcoin and cryptocurrencies is becoming more prominent this cycle, which might result in even higher volatility for BTC. In terms of Bitcoin’s valuation metrics, the MVRV Z-Score currently suggests significant upside potential.</p> 
<p>This score measures market cap against realized cap, helping to assess if BTC is overvalued or undervalued. With the MVRV Z-Score near 2, BTC still has room to climb toward 6, a level where profit-taking by long-term holders could lead to a correction.</p> 
<p>Technical indicators also favor a potential rally. The 30-day moving average recently crossed above the 365-day moving average, creating a “golden cross,” a bullish signal often associated with strong upward momentum.</p> 
<p>However, if the 30-day moving average fails to maintain its position above the 365-day moving average, BTC’s price trend might stall, resembling the mid-2021 phase when momentum faded.</p> 
<p>Bitcoin’s price stands poised to make significant moves in response to the election’s outcome. While the broader trend suggests optimism, investors should remain cautious, as market conditions could shift quickly. With volatility likely to increase, Bitcoin’s path forward would largely depend on the political landscape and continued investor interest.</p>

Can Election-Year Fear & Greed Levels Fuel a Bitcoin Boom Again?

Table of Contents

CoinEagle.com

Other articles published on Oct 31, 2024

Tron replaces oracle provider with Chainlink

WEMIX PLAY Updated

Australian police seize $142k in crypto with new confiscation powers

Shiba Inu Experiences Increased Price Optimism

Canary Capital Aims for Solana ETF with SEC Filing

Can XRP Experience a Price Surge This November?

Join our free newsletter for daily crypto updates!