Bitcoin: Leading Analyst Unveils Key Factors to Ignite the Next Bull Cycle
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A popular quantitative analyst known as "PlanB" suggests that large crypto investors, or whales, are currently holding back from making significant moves as they await the outcome of a key upcoming event.
The analyst said that despite Bitcoin’s volatile price performance over the past eight months, he still believes the market is in a bull phase.
PlanB pointed to a major catalyst on the horizon that could spark Bitcoin’s next rally: the upcoming U.S. presidential election in November.
Reports have recently surfaced that Kamala Harris, the Democratic presidential candidate, has pledged to support the cryptocurrency and artificial intelligence (AI) sectors if she wins in November. Harris has said that both cryptocurrencies and AI will be an integral part of her “opportunity economy” agenda.
However, some remain skeptical that she will significantly change her party’s stance on crypto, especially since Democrats have imposed stricter regulations on the industry over the past four years.
In August, Charles Hoskinson, founder of Cardano (ADA), expressed concern that a Harris victory could spell trouble for the U.S. crypto industry.
Regarding Bitcoin’s performance, PlanB noted that it has often experienced significant upward movements 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. #S2F pic.twitter.com/p3dfHAc7cc— PlanB (@100trillionUSD) October 5, 2024
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