As the 2024 US presidential elections approach, speculations have heightened on the impact on Bitcoin’s price. There are suggestions that Bitcoin might enter a parabolic growth phase, despite political events.

Delay in Bitcoin Rally

According to crypto analyst Rekt Capital, Bitcoin's parabolic phase is delayed by 20 days compared to previous cycles. In mid-October, Bitcoin surpassed the $66K mark, which was last seen in September. The analyst notes that Bitcoin is moving upward without breaking key support levels like the 50-day moving average. Rekt Capital also suggests that the market accelerated before the April 2024 halving for the first time. Bitcoin might peak by September or October 2025 after breaching current resistance levels around $71,000.

Bitcoin's Independence from Elections

Republican candidate Donald Trump discussed Bitcoin's value thesis during his campaign, while his Democratic counterpart, Kamala Harris, has only recently shown interest in cryptocurrencies. Trump's victory was predicted as a bullish event for Bitcoin. However, it is believed that Bitcoin might follow its price trajectory regardless of the election outcomes. Bitcoin reached its all-time high of $73K under the Biden-Harris administration, proving its independence from governments, as stated by Larry Fink, BlackRock CEO, who termed Bitcoin as a separate asset class.

Growth Prospects to 2025

Economic conditions, including inflation and monetary policies, significantly impact the market in Q4. According to a Market Watch report, Bitcoin options traders do not expect major price movements by November 5, selling put and call options expiring on November 8 at prices of $60,000 to $65,000. Analysts have long forecasted Bitcoin's rise to six figures in 2024 and 2025.

Thus, while political events may impact the market, historical and economic factors play a significant role in Bitcoin's price dynamics. It is expected to reach new heights in the coming years.