Popular quant analyst PlanB says crypto whales are staying on the sidelines for now to await the results of a highly anticipated event.
In a video update, the pseudonymous analyst tells his 179,000 YouTube subscribers that he believes Bitcoin (BTC) is in a bull market despite its choppy price action over the last eight months.
PlanB says the catalyst for a fresh Bitcoin bull run is on the horizon as America gears up for its November presidential election.
“Bitcoin will find its trigger for the next pump. I have heard that many large buyers are just waiting for the US elections in November. And that makes sense because why run the risk if you can wait a couple of weeks and have total clarity and certainty.
And the risk obviously being a Democratic [Harris] win, which is bad for Bitcoin. So whales waiting for the US elections could very well be the reason for this eight-month sideways price movement.”
Last month, reports surfaced that Democratic Presidential candidate Kamala Harris vowed to support the crypto and artificial intelligence (AI) industries if she wins in the upcoming November election. Harris said crypto and AI will be part of her “opportunity economy” agenda.
But not everyone is convinced that Harris will abruptly change her party’s stance toward crypto after Democrats stifled the industry’s growth in the last four years through regulation by enforcement.
In August, Cardano (ADA) creator Charles Hoskinson warned that a Harris victory could be a death knell for the crypto industry in the US.
For now, PlanB says that Bitcoin has historically witnessed big upside bursts after prolonged periods of uncertainty.
“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.”
At time of writing, Bitcoin is worth $61,975.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
