Bitcoin Surge Anticipated as Whales Await U.S. Election, Says PlanB
The well-known quant analyst PlanB believes that large crypto holders, or whales, are waiting on the sidelines for a key event before making any major moves.
PlanB maintains that Bitcoin is still in a bull market, despite its fluctuating price over the past eight months.
According to PlanB, the next major Bitcoin surge is likely tied to the upcoming U.S. presidential election in November.
He explains that many big investors are holding off until after the election to gain more certainty. PlanB suggests that the potential for a Democratic win, led by Kamala Harris, could pose risks to Bitcoin, which is why some whales prefer to wait.
READ MORE: Bitwise to Launch New ETF Strategy Rotating Between Crypto and U.S. Treasuries
Although Harris has indicated she would support the crypto and AI industries as part of her economic plans, not everyone is convinced. Some, like Cardano founder Charles Hoskinson, have warned that a Harris victory could be harmful to the U.S. crypto sector, given the regulatory hurdles the industry has faced under Democratic leadership in recent years.
PlanB points out that Bitcoin has often seen major price increases after long periods of uncertainty, noting that most gains tend to occur in short, explosive bursts, particularly following Bitcoin’s halving events.
Bitcoin is 90% boring (yellow boxes).
All gain is in only 10% of the time (red arrows). Always after a halving. Coincidence? I don’t think so. #S2F pic.twitter.com/p3dfHAc7cc— PlanB (@100trillionUSD) October 5, 2024
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
