CoinDesk senior analyst James Van Straten said on BlockBeats news that the crypto market may remain volatile as we await the results of the U.S. presidential election on Tuesday. In the short term, this may affect the price trend of cryptocurrencies. However, once things calm down, Bitcoin could experience a significant rally if the pattern from previous elections repeats itself.
Data shows that Bitcoin has always rebounded after the past three elections and has never fallen back to its election day price. If this trend resumes, the price of BTC should peak in about a year. If history serves as a guide, Bitcoin has the potential to top $100,000 after the US election.Bitcoin is currently undervalued compared to previous cycles, whether we look at the cycle low in November 2022 or the mining reward halving in April.
In fact, this was the worst performance of the halving cycle, with Bitcoin’s price only 7% higher than at the time of the halving, further supporting the theory of diminishing returns.
