As the 2020 U.S. presidential election approaches, two cryptocurrency traders on Twitter have shared their predictions on how Bitcoin’s price will interact with the event.
“If we had a clear winner and a simple transfer of power, I don’t see a significant impact on the price of an individual coin,” trader BigCheds told Cointelegraph. “On the other hand, if we have close and / or conflicting decisions, we should see a rebound in risky assets like gold and bitcoin.”
The elections are the culmination of a turbulent 2020, when a number of other factors still play a role. “This election year is definitely different given what we’ve seen in the past due to the pandemic and the global economy that has made an impact,” trader CryptoWendyO told Cointelegraph on Twitter. “In the case of an incident like Covid, it can be assumed that bitcoins will pump up due to the uncertainty in the financial markets, but we do not see that,” she said.
Crypto Twitter was full of political talk in the weeks leading up to the president’s decision in November. The event will take place at the end of the year when concerns about epidemics, business closures and financial problems arise.
“Tensions are high, especially over the elections,” Wendo said. “Markets need cash flow to thrive and I’m not sure this will happen now because the middle class is sticking to capital,” she added.
Government stimulus money also plays a role in the equation, as the current administration cannot decide on additional financial support. Major markets and cryptocurrencies have reacted to news that the president has decided to postpone further incentive negotiations until after the election.
WendyO explained: “After the election, as we will get more information when the economy opens up, I think we will see the bitcoin price change and I hope it will be upbeat, but we also need to take the current price into account. action. “Then indicates a fight for Bitcoin to break through and resolutely continue moving above the resistance level of the weekly chart.
In the short term, bitcoin’s price recently surpassed $ 11,000, which was encouraging.