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Presidential elections often mark a turning point for Bitcoin

Elections are turning points for Bitcoin, and they typically work in the benchmark cryptocurrency’s favor.

In recent months, the price of BTC increased from multi-month lows of $9,900 to highs of $14,100 that were set less than one week ago. The 2020 elections could mark the start of the digital asset’s next parabolic trend, which is already beginning to show some signs of starting.

Over the last four years, Bitcoin has seen tremendous growth on multiple fronts, including gaining mainstream adoption amongst retail, institutional, and corporate investors, while also seeing parabolic price gains. Bitcoin traded at $730, while Ethereum at $10 during November elections in 2016. Although Ethereum still has a way to go before it recaptures its 2017 highs in the lower-$1,000 region, Bitcoin is rapidly approaching its all-time highs as bulls take full control of its mid-term outlook.

Messari analyst Ryan Watkins stated earlier this year that US presidential elections normally took place at the start of the last bull runs, including those between the end of 2012, the start of 2014 and the end of 2016 and the end of 2017. Watkins believes that reduced economic uncertainty “provides fertile ground” for Bitcoin to grow upon. Bitcoin has shown immense strength leading up to the latest election, there’s a strong possibility that it will see further upwards momentum in the months ahead.

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