Bitcoin dips as analysts predict potential price drops before a surge post-election. Learn how historical patterns could influence Bitcoin’s next big move.
The current movement in Bitcoin’s price resembles trends from past U.S. election years, suggesting that its recent lack of momentum might soon give way to a significant shift.
On August 16, analyst Matthew Hyland highlighted that Bitcoin’s recent period of stability, followed by a drop below $50,000 at the start of August, is similar to what happened in 2012, 2016, and 2020 before U.S. presidential elections.
Historical patterns and future predictions
“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.”
In the lead-up to the 2024 U.S. presidential election, Bitcoin is currently trading at $59,089, reflecting a 9.78% drop since July 18, as per CoinMarketCap data.
Some traders expect Bitcoin’s price to drop further before the end of September. On August 16, crypto trader Rager posted on X that he believes Bitcoin’s price will dip below its current level, though he predicts a short-term recovery in late August, possibly alongside a stock market rebound, before September begins.
Some analysts think Bitcoin might revisit the $40,000 range, a level it briefly touched on August 5, known as “Black Crypto Monday,” when it hit $49,842.
MN founder Michael van de Poppe warned that if Bitcoin loses its support at $56K, we could see new lows or a retest at $48K.
Meanwhile, Markus Thielen, head of research at 10x Research, advised Bitcoin enthusiasts to stay patient and wait for the price to drop to the low $40,000 range for an optimal entry point 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,”
