Cryptocurrency analyst Aditya Siddhartha has linked one of the most significant Bitcoin (BTC) bull trends in 2012 to the US presidential election.
Siddhartha, a renowned expert, highlighted that Bitcoin experienced a significant drop of 52% before the bullish trend in 2012. However, after the bullish MACD crossover and all major exponential moving averages (EMA) crossover, the market started gaining momentum and began to rise.
In 2012, the MACD and EMA indicators provided positive signals, boosting investor confidence and driving a surge in Bitcoin demand. This led to a bull market after the presidential election, with Bitcoin’s price increasing by an impressive 11,800%.
Similarly, in 2016, Bitcoin’s price dropped by 41% before the presidential election. After the bullish MACD crossover and all major bullish EMA crossovers, the market gained momentum, resulting in a new upward trend.
After the election, Bitcoin’s price rose by 2,800% due to increased investor demand and growing awareness of Bitcoin as a store of value and potential digital asset.
In 2020, Bitcoin experienced a 22% drop before the presidential election, mainly due to uncertainty surrounding the election results and their potential economic impact. However, after the election, Bitcoin’s price surged by 410%.
Analysts predict that after this year’s scheduled election, the MACD bullish crossover and all major bullish EMA crossovers will once again signal a positive market trend, increasing investor confidence and demand for Bitcoin. They estimate that Bitcoin’s price could rise to a range of $180,000 to $200,000 after the election.