The Possible Effect On The Price Of Bitcoin After The US Presidential Election

The 2020 United States Presidential election is not far away. As a result, two cryptocurrency traders tweeted about their predictions on the change of the price of Bitcoin with respect to the occurrence of the election. A trader with the username “BigCheds” has to say that after they get a clear winner and a smooth shift of power, there are great chances of no effect in the price of one Bitcoin. “BigCheds” also added that on the other side, in case they get a contested and/or close election, there are chances of seeing a bounce in risk-off assets such as gold and bitcoin.

The 2020 “Presidential Election” will be Different

This time the Presidential election is going to be special due to this crazy 2020, and as a result, there will be various points remaining at play. Another trader with username “CryptoWendyO” made the statement that this year is definitely gonna be a lot different for the elections considering what has been seen in the previous days for the COVID-19 pandemic and the global economy showing a great downfall.

She also added to this that amid a pandemic like Covid-19, one could easily assume that BTC would pump because of the financial market instability, but it is not yet coming into vision.

Twitter is Full of Political Stuff Now

The cryptocurrency section in Twitter is now full of political discussions these days leading to the 2020 “presidential election” that will be held in the next month of November. The event is gonna be accompanied by major pandemic scares, economic issues, and also business failures.

More Statements from WendyO

WendyO also stated that this year the tensions related to the election is higher than ever and the markets lack incoming money. She is very unsure about that to take place this year as 2020 has already come to an end and also the middle-class ones are still hanging on to their capital.

The Government stimulus money also plays into the equation, with the present administration breaking down to go to a point on further economic support.

Both crypto and the conventional markets have shown their responses to the news, which states that the president had made a decision to delay more stimulus talks until the presidential election is getting over.

She Further Explains

WendyO has come up with more explanation regarding this. She has to say that after the election is over, they might get an idea regarding the time of opening up of the economy. She believes that a change will soon be seen in the price of Bitcoin, and she chooses to remain hopeful about this. However, the current price action should be focused on at present. Thus, she highlighted the struggle of Bitcoin to break decisively and carry over weekly chart resistance levels.

The main thing here is that the price of Bitcoin recently went back to its former state of over 11000 USD, a ray of sunshine.