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Crypto analyst George McDonaugh says that the U.S. presidential election is unlikely to change the bitcoin price\u2019s upward trajectory.<\/strong><\/p>\n He draws on a number of fundamental and technical factors to illustrate his point. For example, McDonaugh argues that the recent surge in the price of bitcoin (BTC<\/a>) is actually part of a sustained rally since the \u2018Covid capitulation\u2019 event back in March.<\/p>\n \u201cSince then we\u2019ve seen nothing but bullish signals appear one after another,\u201d McDonaugh said, in thoughts shared with news.Bitcoin.com<\/p>\n \u201cWe\u2019ve seen four straight \u2018higher lows\u2019 play out (if you split the time since March into consecutive 60-day cycles), which means there is a clear uptrend unfolding,\u201d he added.<\/p>\n America is awaiting the results of a Nov. 3 presidential election pitting incumbent Donald Trump and challenger Joe Biden. Pre-election polls, including crypto-based predictions<\/a>, have almost been unanimous, pointing to a Biden win.<\/p>\n Pundits have forecast a variety of scenarios of the election outcome\u2019s potential impact on bitcoin, but consensus appears to indicate that no matter who wins, bitcoin will also win. That\u2019s because the next president is likely to continue with stimulus spending <\/a>\u2013 inflationary economics that always push investors toward safe-haven assets like bitcoin.<\/p>\n On election day, the price of BTC<\/a> soared from around $13,400 to more than $14,000. At Press time, the coin had dropped 1.8% to $13,743, according to markets.Bitcoin.com<\/a> data, but sustaining its bullish momentum.<\/p>\n McDonaugh, who is also co-founder and managing director of crypto-asset investment firm KR1 plc, pointed to the fact that bitcoin has spent more time above the $10,000 mark than ever before in its history \u2013 a show of huge buying strength in the market.<\/p>\n \u201cClinging on above this price point over the months of July, August and September was a huge moment\u2026\u201d he opined.<\/p>\n He predicts that BTC<\/a> will hit its record high of $20,000 by late December or early January, but warned this will come with increased volatility \u2013 periodic bursts of sharp declines, of as much 30%. There were five such declines on the way up to $20,000 in 2016\/17.<\/p>\n \u201cWe\u2019re currently seeing a very \u2018right translated\u2019 60-day trading cycle, which means we\u2019ve spent a lot more time than normal \u2018going up\u2019 and there\u2019s not much time left in the cycle to \u2018go down\u2019, McDonaugh explained, adding:<\/p>\n We\u2019re currently on day 57 since the last 60-day cycle bottom formed. If the market strings a range of consecutive right translated cycles together, this is what forms an uptrend. The sustained bitcoin price this late on in the cycle would therefore point to yet further strength coming to the market in the near future, as it\u2019s possible we will only form a \u2018shallow low\u2019 before embarking on the next 60-day cycle.<\/p>\n<\/blockquote>\n What do you think about the US election and bitcoin? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n The post US Presidential Election Unlikely to Alter Bitcoin\u2019s Path: Analyst<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n\n