HomeUncategorizedPost-midterm elections dump? Bitcoin will see $12K if this 2018 BTC chart fractal is correct By Cointelegraph

Post-midterm elections dump? Bitcoin will see $12K if this 2018 BTC chart fractal is correct By Cointelegraph

October 17, 2022

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Post-midterm elections dump? Bitcoin will see $12K if this 2018 BTC chart fractal is correct

While (BTC) investors may not consider the U.S. midterm elections as a significant event, an eerie fractal from 2018 may provide a clue to what could happen before the year ends.

Comparing Bitcoin’s price actions prior to the midterm elections of 2018 with those of 2022 shows a strikingly similar bear market trend.

daily price chart featuring 2018 trend. Source: TradingView/Aditya Siddhartha Roy
BTC/USD daily price chart featuring 2022 trend. Source: TradingView/Aditya Siddhartha Roy
S&P 500 average performance in U.S. midterm election years. Source: Charles Schwab (NYSE:)
U.S. money supply remains above $21 trillion. Source: FRED
BTC/USD and SPX daily correlation coefficient in recent days. Source: TradingView
Number of Bitcoin addresses holding at least 1 BTC. Source: Glassnode