Bitcoin Continues to Set New ATH, Following Historical Cycles

Bitcoin surged to $81,500 in the past 24 hours, setting a new all-time high (ATH). This trend mirrors historical patterns, with Bitcoin experiencing significant gains following U.S. presidential elections.

Azcnews Bitcoin Continues To Set New Ath, Following Historical Cycles

Bitcoin continues to set new records, hitting an all-time high of $81,500 last night before slightly falling back to its current price. While crypto investors remain cautious, experts from CryptoQuant say that Bitcoin is showing a solid foundation, following the bullish trend seen in previous US elections.

According to the weekly report, a positive sign is that BTC is currently priced at a reasonable level and has not been pushed too high. This suggests that positive factors from the upcoming election could become the driving force for a strong growth for Bitcoin.

In the three most recent US presidential elections in 2012, 2016 and 2020, Bitcoin increased by 22%, 37% and 98% respectively from election day to the end of the year. By 2024, Bitcoin will continue to maintain a similar growth momentum, surpassing its previous record high of $73,750 to reach a new peak of $81,500.

Bitcoin Us Election History
Bitcoin Us Election History

Just hours before the election results were announced, BTC was trading at around $67,000, slightly above the average realized price of current holders. This reflects a fair valuation of Bitcoin, similar to the situation before the most recent elections in 2016 and 2020.

Read more: CZ Asserts He Will Never Sell His Stake in Binance

The demand for Bitcoin is increasing at a similar pace to previous elections. In 2016, demand only started to recover strongly in late November. In contrast, 2020 saw a steady increase in demand that continued through the end of the year. By 2024, demand has turned positive since late September and is currently growing at 248,000 BTC per month, the fastest pace since April 21. This growth momentum is often a precursor to significant Bitcoin price increases.

(2 votes)

5.0/5

(2 votes)

Latest

Nobitex Crypto Exchange Resumes Operations After $90 Million Hack

News | Editor Choice | Policy & Regulations

Nobitex Crypto Exchange Resumes Operations After $90 Million Hack

After a shocking $90 million hack, Iran’s crypto exchange Nobitex has begun restoring its services with strict security measures, allowing access only to verified users.

Game Designer Analyzes Xrp’s Path To A 913,000% Price Surge To $20,000

News | Altcoin | Editor Choice

Game Designer Analyzes XRP’s Path to a 913,000% Price Surge to $20,000

A bold theory is gaining attention within the XRP community: the idea that the token could reach $20,000 — a surge of over 900,000% — if adopted by global financial institutions as part of core financial infrastructure.

Metaplanet Acquires An Additional 1,005 Bitcoin, Ranks In Top 5

Bitcoin | Editor Choice

Metaplanet Acquires an Additional 1,005 Bitcoin, Ranks in Top 5

Metaplanet has purchased an additional 1,005 BTC, bringing its total reserves to 13,350 BTC and placing it among the top 5 companies with the most Bitcoin holdings.

Vitalik Buterin Issues Risk Warning About Worldcoin

Altcoin | Editor Choice

Vitalik Buterin Issues Risk Warning About Worldcoin

Vitalik Buterin has issued a warning about the risk of privacy breaches undermining the privacy rights that Worldcoin provides.

Binance Linked Group Joins Drafting Of Crypto Legislation In Kenya

News | Editor Choice | Policy & Regulations

Binance-Linked Group Joins Drafting of Crypto Legislation in Kenya

The inclusion of an organization allegedly closely tied to Binance in Kenya’s new crypto regulatory board has sparked concerns among local startups about potential policy manipulation and unfair competition.