Rally

Bitcoin

Strong

Optimism

<p>Bitcoin has a certain pattern around U.S. election cycles, dipping briefly and then rallying strongly post-election. In 2016, 2020, and 2024, BTC dropped by 10.2%, 6.1%, and 6.3%, respectively, before recovering. Will tomorrow’s election bring about a similar BTC rebound?</p> 
<h2 class="wp-block-heading" id="h-post-election-pattern-btc-dips-then-rallies-strongly-each-cycle"><strong>Post-Election Pattern: BTC Dips, Then Rallies Strongly Each Cycle</strong></h2> 
<p>Bitcoin has followed a historically consistent price pattern in the lead-up to U.S. elections, dipping briefly and then rallying hard.</p> 
<p>In 2016, BTC dropped by 10.2%, in 2020 it fell by 6.1%, and this year saw a 6.3% decline. The pattern shows that elections can temporarily send the market crabbing, but good old Bitcoin always comes back, increasing the hope of patient investors in periods like this.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">If you understand this then you wouldn’t be selling like a complete and utter faggot.<br><br>FEW.<a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://twitter.com/hashtag/MAGA?src=hash&amp;ref_src=twsrc%5Etfw">#MAGA</a> <a href="https://t.co/gJFy7HpJDX">pic.twitter.com/gJFy7HpJDX</a></p>— Crypto Lord (@Thecryptolord_) <a href="https://twitter.com/Thecryptolord_/status/1853179667802378487?ref_src=twsrc%5Etfw">November 3, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The recent data proposes that selling BTC on election-induced dips could be a bet too soon, as prior cycles show BTC to recover and rally post-cycles. This behavior mirrors the general cryptocurrency market behavior of reacting to macroeconomic and political events by seeing the short-term dip and then the tokens rally back to life.</p> 
<p>These trends help investors build a sense of how BTC will stabilize and grow and that temporary sell-offs present buying opportunities. Knowing this makes holders aware of post-election rallies, a strategy to either hold or react to short-term price movements.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-etfs-surpass-1m-btc-holdings-fueling-market-optimism"><strong>Bitcoin ETFs Surpass 1M BTC Holdings, Fueling Market Optimism</strong></h2> 
<p>The Bitcoin ETFs have reached a landmark relative to a vast cryptocurrency space, reaching $70 billion in total value locked holding over 1 million BTC. Less than a year after launch, this rapid accumulation is a testament to the growing institutional and retail demand for Bitcoin ETFs and the growing desire to see Bitcoin as a more formalized investment vehicle.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">In less than a year since their launch, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETFs have collectively amassed over 1 million <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>, valued at approximately $70 billion. <a href="https://t.co/gp3m9wUscN">pic.twitter.com/gp3m9wUscN</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1853371444069064974?ref_src=twsrc%5Etfw">November 4, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>As more traditional investors’ capital moves into ETFs, it is assuring the market and legitimacy of Bitcoin as it maintains its position. The consistent inflow into Bitcoin ETFs is a market driver and price support. The fact that Bitcoin has become such a strongly integrated part of mainstream finance rewards this with more mainstream interest and investor access to regulated products.</p> 
<p>ETFs are driving the price of Bitcoin, supporting higher prices by locking up a large amount of Bitcoin, which reduces circulating supply. The influx of capital into Bitcoin ETFs simply represents a further push toward BTC’s institutional adoption.</p> 
<h2 class="wp-block-heading" id="h-analysts-say-btc-s-path-hinges-on-fib-0-786-support-amid-breakout-signals"><strong>Analysts Say BTC’s Path Hinges on Fib 0.786 Support Amid Breakout Signals</strong></h2> 
<p>KyleDoops, a crypto analyst, suggests that 0.786 is a critical Fibonacci retracement level for Bitcoin at the moment. This level is typically a turning point, which could form a spot for Bitcoin to consolidate before the next leg of an ascending price slope.</p> 
<p>Kyle noted that this level aligns with Bitcoin’s historical election cycle patterns, meaning that being above this level should be considered bullish, should Bitcoin hold.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">If <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> can hold up here, and repeat its prior election playbook, then <a href="https://twitter.com/search?q=%24Foxy&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Foxy</a> trajectory could be set. <br><br>Test of the 0.786 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;"><br>Conservatives to wait for break of low-timeframe downtrend. <a href="https://t.co/FsP2wKWsT1">pic.twitter.com/FsP2wKWsT1</a></p>— Kyledoops (@kyledoops) <a href="https://twitter.com/kyledoops/status/1853412858991661554?ref_src=twsrc%5Etfw">November 4, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Kyle then points out that a confirmed breakout from the low time frame downtrend would present a safer entry point for conservative traders. Bitcoin is set near a breakout with the Fibonacci line as a springboard for future rally. With BTC above this support, it could be a long-term accumulation or trading support point.</p> 
<h2 class="wp-block-heading" id="h-93-of-bitcoin-holders-in-profit-as-u-s-elections-add-market-buzz"><strong>93% of Bitcoin Holders in Profit as U.S. Elections Add Market Buzz</strong></h2> 
<p>According to IntoTheBlock’s data, 93.32% of BTC addresses are In the Money holding BTC below the current price of $69,126.84. Strong market confidence is seen in this considerable portion of profitable addresses, in which most BTC holders are sitting in very favorable financial positions, giving the asset value as a store of wealth.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="629" height="241" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/1000301001.jpg" alt="Source: IntoTheBlock" class="wp-image-810142" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/1000301001.jpg 629w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/1000301001-300x115.jpg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/1000301001-150x57.jpg 150w" sizes="(max-width: 629px) 100vw, 629px">
  <figcaption class="wp-element-caption">
   Source: IntoTheBlock
  </figcaption>
 </figure>
</div> 
<p>Only 2.46% BTC addresses are Out of the Money, or holding Bitcoin at a higher cost than the current price. The data underscores a robust support base and helps alleviate the fear of widespread selling pressure.</p> 
<p>The low percentage of addresses at a loss further illustrates BTC’s ability to keep investor confidence, despite price fluctuations.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/04/bitcoin-post-election-trend-dip-then-strong-rally-again/">Bitcoin Post-Election Trend: Dip, Then Strong Rally Again</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bitcoin Post-Election Trend: Dip, Then Strong Rally Again

Table of Contents

Thecoinrepublic.com

Other articles published on Nov 4, 2024

Endangered bees derail Meta on its nuclear-powered data center project

Ponke Price Prediction: PONKE Pumps 15% As Binance Launches Futures Trading, But Analysts Say Thi...

Circle doubling down on Hong Kong presence

Pepe Unchained Soars Past $24.5M In Presale Despite 7.9% Market Plunge – Don’t Miss 2024’s Top Pr...

Equilibria Protocol Sees Significant Growth in DeFi

79.92% of Ethereum Addresses Currently in Profit

Join our free newsletter for daily crypto updates!