Crypto analyst George McDonaugh says the US presidential election is unlikely to change the bitcoin price’s upward trajectory.
He draws on a number of fundamental and technical factors to illustrate his point. McDonaugh, for example, states that the recent rise in the price of bitcoin (BTC) is actually part of an ongoing rally since the ‘Covid capitulation’ event in March.
“Since then, we’ve only seen bullish signals appear one after the other,” McDonaugh said in thoughts shared with news.Bitcoin.com
“We’ve seen four consecutive ‘higher lows’ come out (if you split the time since March into consecutive 60-day cycles), which means there’s a clear upward trend,” he added.
America awaits the results of the Nov. 3 presidential election, which will see incumbent Donald Trump and challenger Joe Biden under the microscope. Primaries, inclusive crypto-based predictions, were almost unanimous, pointing to a victory for Biden.
Experts have predicted different scenarios of the possible impact of the election outcome on bitcoin, but consensus seems to indicate that no matter who wins, bitcoin will also win. That’s because the next president is likely to pass Incentive Expenses – inflationary economy that always drives investors to safe havens like bitcoin.
On election day, the price of BTC rose from about $ 13,400 to more than $ 14,000. According to the press, the coin was down 1.8% to $ 13,743 markets.Bitcoin.com data, but maintains its bullish momentum.
McDonaugh, who is also a co-founder and director of crypto asset investment firm KR1 plc, pointed out that bitcoin has spent more time above $ 10,000 than at any time in its history – a show of tremendous buying power in the market.
“Holding above this price in July, August and September was a huge moment …” he said.
He predicts that BTC will hit its all-time high of $ 20,000 in late December or early January, but warned that this will come with greater volatility – periodic bursts of sharp declines of as much as 30%. There were five such declines on the way to $ 20,000 in 2016/17.
“We are currently seeing a very ‘well-translated’ 60-day trading cycle, which means that we have spent a lot more time than usual ‘going up’ and there is not much time left in the cycle to ‘go down’, McDonaugh explained , to add:
We are currently on day 57 since the last 60 day cycle formed. If the market strings together a series of consecutive right-translated cycles, this forms an upward trend. The sustained bitcoin price this late in the cycle would therefore indicate even more strength hitting the market in the near future as it is possible that we will not form a ‘shallow low’ until we hit the next 60-day cycle to start.
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