Many Bitcoiners are eagerly counting down to the U.S. elections this November, and it’s not just because of politics. In the past, Bitcoin (BTC) has often seen sharp price increases after Americans cast their votes. This year, analysts are setting their sights on a promising final quarter, expecting a similar outcome.
Strong Post-Election Performance for BTC
Looking back at past data, Bitcoin has shown a tendency to rally following U.S. elections. So, could we be on the verge of another bull run? Some analysts think so, suggesting that Bitcoin could kick off its long-awaited bull market this month or next.
Crypto analyst Kaleo is particularly focused on November’s presidential election. He recently shared on social media platform X that he expects Bitcoin to keep consolidating leading up to the elections, only to climb significantly afterward. Kaleo isn’t alone in this outlook—Dan Held, a well-known Bitcoiner, pointed out that elections in 2020 and 2016 also set the stage for new bull markets.
Bitcoin price action after US elections. pic.twitter.com/4V9ZDtiPhe
— Dan Held (@danheld) August 31, 2024
In both years, Bitcoin’s halving event had just occurred, followed by several months of sideways price action before things took off.
What’s Next for Bitcoin in Q4?
So, what can we expect for Bitcoin as we move into the last quarter of the year? Earlier today, we reported that two analysts believe Bitcoin might be on the verge of breaking out of its current pattern. Checkmate, a well-known Bitcoin analyst, shared his view that the current price range feels unsustainable, signaling that the market might soon make a decisive move—either up or down.
Adding another layer to the analysis, Titan of Crypto has spotted a bullish pattern forming on the charts. He highlighted on X that a strong RSI bullish divergence is appearing on the 4-hour chart. If this pattern plays out, we could see Bitcoin bounce back in the short term, potentially lifting it out of its current slump and setting the stage for a relief rally.
Previous analysis by PlanB, the creator of the Bitcoin Stock-to-Flow model (S2F), predicts a move to approximately $140,000 in the fourth quarter of this year.
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