With the U.S. presidential election underway, the cryptocurrency market is expected to experience heightened volatility, with short-term price movements likely influenced by the election's outcome.

The U.S. presidential election is often a hot topic in the cryptocurrency market, and for good reason. The outcome of the election can have a significant impact on the market, at least in the short term.

With the 2024 election now underway, many are wondering what effect it will have on crypto. Some believe that the market will experience a downturn in the lead-up to the election, followed by a strong rally in the years that follow.

Others believe that the market will continue to rise throughout the election cycle, with only a brief setback on election night.

There is no way to know for sure what will happen, but we can take a look at the historical data to get an idea of the possibilities.

Bitcoin has now gone through three U.S. election cycles. In each cycle, the price of BTC has experienced a significant rally following the election, and in no cycle has the price fallen back to pre-election levels.

If this historical trend continues, we could see Bitcoin’s price reach a new peak around one year after the 2024 election.

Of course, past performance is not indicative of future results, and there are many factors that could influence the cryptocurrency market in the upcoming election cycle.

However, the historical data does suggest that the election could be a positive event for crypto over the long term.

Here is a closer look at the historical data:

2012 Election, November 5

Price on election night – $12

Cycle Top – November 2013, $1,100, a 12,000% gain

2016 Election, November 4

Price on election night – $710

Cycle top – December 2017, $19,000, a 3,700% gain

2020 Election November 3

Price on election night – $13,800

Cycle top – November 2021, $69,000, a 460% gain

As you can see, in each election cycle, Bitcoin’s price has experienced a significant rally in the year following the election.

While the magnitude of the gains has varied, the trend is clear.

Interestingly, Bitcoin’s price has also tended to dip in the run-up to the election.

For example, in 2016, BTC’s price fell by 10.2% in the lead-up to the election.

In 2020, the price fell by 6.1%.

So far in 2024, we have seen a price dip of 6.3%.

While these dips are not huge, they do seem to be a common occurrence.

One possible explanation for this phenomenon is that investors are pulling out of the market in anticipation of the election.

This could be due to concerns about the market being impacted by the election or simply a desire to lock in gains before the election.

Whatever the cause, this trend could be something to keep an eye on in the lead-up to the 2024 election.

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