Popular quantitative analyst PlanB says crypto whales will remain on the sidelines for now while awaiting 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 the choppy price action of the past eight months.
PlanB says the catalyst for a new Bitcoin bull run is on the horizon as America gears up for November’s presidential elections.
“Bitcoin will find the trigger for the next pump. I’ve heard that many big buyers are just waiting for the US elections in November. And that makes sense, because why take the risk when you can wait a few weeks and have total clarity and certainty?
And the risk is clearly that you’re a Democratic person [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 pledged to support the crypto and artificial intelligence (AI) industries if she won the upcoming November elections. 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 on crypto after Democrats stifled the industry’s growth over the past four years through enforcement regulation.
In August, Cardano (ADA) creator Charles Hoskinson warned that a Harris victory could be the death knell for the US crypto industry.
Provisional PlanB say that Bitcoin has historically witnessed large upside bursts after prolonged periods of uncertainty.
“Bitcoin is 90% boring (yellow boxes).
All gains occur in just 10% of the time (red arrows). Always after a halving. Chance? I don’t think so.”
At the time of writing, Bitcoin is worth $61,975.
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Generated image: Midjourney