Bitcoin cycles tied to U.S. elections, with bottoms near midterms: analyst

Bitcoin’s price has been closely tied to the U.S. political calendar, according to an analysis by Alphractal founder Joao Wedson cited by CryptoPotato. Wedson said BTC has repeatedly entered a bear market about one year before U.S. midterm elections, then shifted into a long-term bull market shortly after presidential elections. He added that cycle bottoms have tended to form just before or after midterm elections, while cycle peaks have typically been reached shortly after the winner’s inauguration. Binance Research had previously found that BTC fell by an average of about 56% during U.S. midterm election periods, but rose by an average of 54% in the year after the elections, reflecting a rebound after political uncertainty eased. Wedson added that although BTC has recently recovered, it is still too early to conclude that the market has turned higher, and signs of market capitulation, deleveraging and fresh capital inflows still need to be confirmed.