Crypto analysts have noted that Bitcoin's price patterns during US election years show similarities, potentially forewarning significant price shifts.
Analysis of Election Year Patterns
Crypto analyst Matthew Hyland pointed out that Bitcoin’s recent consolidation and downturn resemble patterns observed in 2012, 2016, and 2020 ahead of US presidential elections.
Analysts' Forecasts
Matthew Hyland predicts Bitcoin's price will remain in its current range for a while before possibly rising in October or November. Meanwhile, some traders like Rager and Michael van de Poppe anticipate further declines to $40,000 before a recovery begins.
Possible Price Movement Scenarios
Analysts such as Markus Thielen from 10x Research advise waiting for Bitcoin's price to drop to $40,000 for an optimal market entry ahead of the next bull rally.
Market analysis highlights similar Bitcoin price patterns during US election years. The price is expected to remain in the current range with a potential decline to $40,000 before the next bull rally begins.
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