With the 2024 US presidential election just around the corner, Bitcoin’s price is poised for significant growth, no matter who wins.
ZX Squared Capital’s investment chief, CK Zheng believes both political parties’ failure to address soaring US debt and deficits could open the door for Bitcoin to thrive post-election.
Historically, political uncertainty has been a major driver for Bitcoin rallies, and it looks like this year won’t be any different.
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But it’s not just about the election.
April’s highly anticipated Bitcoin halving event is another key catalyst. Past halving years have consistently resulted in massive fourth-quarter gains, with Bitcoin historically spiking over 50% six times since 2013.
In 2020, following the last halving event, Bitcoin exploded with a 168% Q4 rally, which coincided with the previous presidential election. All signs point to another strong finish for Bitcoin this year, with experts predicting a new all-time high.
The momentum doesn’t stop there. A potential 50 basis point interest-rate cut by the Federal Reserve could further fuel Bitcoin’s rise if the US economy manages to avoid a major downturn.
The gradual reintroduction of market liquidity may set the stage for even stronger price action, while Bitcoin’s growing reputation as “digital gold” makes it an attractive option for institutional investors seeking a hedge against economic volatility.
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With Bitcoin currently trading around $64,400, its narrative as a store of value in uncertain times continues to strengthen.
If market conditions align, we could see an unprecedented surge that draws in both retail and institutional capital, pushing Bitcoin to new heights in the months to come.
