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MCS | The US Election Is Near; What Is The Outlook For Bitcoin At The End Of 2020?

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An Eventful Year for Bitcoin and the Global Economy

Source: CoinGecko, Bitcoin Price Chart from January 1, 2020 to September 29, 2020

2020 was undoubtfully an eventful year, due to the aftermath of COVID-19, for the global economy. Bitcoin, also known as "Digital Gold", was also unable to avoid the impact of the pandemic. Earlier this year, Bitcoin was moving sideways from the 8,000 to 9,000 US dollar levels, but when the global stock market plunged around the end of March, it fell to around 4,000 USD in a very short period of time.

Many economists were pessimistic about the prompt recovery of the global economy based on past experience of the subprime financial crisis and the worsening of the COVID-19 situation. Nevertheless, thanks to the emergency stimulus policies from many countries, the global stock market rose up again very quickly and showed record-breaking high points every day as if nothing happened. Bitcoin also broke through the 10,000 USD line in August this year, rising to the point close to 12,200 USD. In the course of Bitcoin's rise, the fluctuation of Bitcoin moves almost like the fluctuation of the U.S. stock market, showing a perfect coupling with the U.S. stock market.

How Will The US Election Impact The Fate of NASDAQ and Bitcoin?

Source: Investing.com, NASDAQ chart before and after the US Election on Nov 6, 2012

The US presidential election is scheduled for November 3, 2020. Financial and cryptocurrency traders around the world paying close attention to this election, and we know why by checking the chart above which shows NASDAQ prices before and after the past presidential election.

At the time of the US presidential election on November 6, 2012, the NASDAQ was moving sideways around the 3,000 USD level, but it showed a steep rise right after the election, breaking the 4,000 USD level the following year, showing tremendous upside. The NASDAQ flow chart at the time of the US election on November 8, 2016, is similar. NASDAQ, which was about 5,400 USD during the 2016 election, showed a rise, breaking the 6,000 USD mark the following year after the election. Because of this, financial and cryptocurrency traders around the world have keen eyes for this year's US election, and the majority of traders are expecting a huge rise in global stock markets and Bitcoin prices. Also, in the case of Bitcoin, the expectation is increasing even more since this is the post halving season.

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Published a month ago