Popular quantitative analyst Plan B said that crypto whales are currently on the sidelines waiting for the outcome of the highly anticipated event.
In a video update, the pseudonymous analyst told his 179,000 YouTube subscribers that he believes Bitcoin (BTC) is in a bull market despite volatile price movements over the past eight months. he said.
PlanB says the trigger for a new Bitcoin bull market is on the horizon as the US prepares for the November presidential election.
“Bitcoin will find its next pump trigger. We hear that many large buyers are just waiting for the US elections in November. That’s not surprising, because you can wait a few weeks and get full clarity. Because why take risks when you can have certainty?
And the risk is clearly a Democratic (Harris) victory, which is negative for Bitcoin. Therefore, it is very likely that the whale waiting for the US election is responsible for the sideways price movement over the past eight months. ”
Last month, reports surfaced that Democratic presidential candidate Kamala Harris vowed to support the cryptocurrency and artificial intelligence (AI) industries if she wins the upcoming November election. Harris said cryptocurrencies and AI will be part of the “opportunity economy” agenda.
But not everyone is convinced that Harris will suddenly change her party’s stance on crypto, after Democrats have spent the past four years suppressing the industry’s growth through executive regulation. .
In August, Cardano (ADA) founder Charles Hoskinson warned that a Harris victory could spell the end for the U.S. crypto industry.
At this point, Plan B says Bitcoin has historically seen strong rallies after long periods of uncertainty.
“Bitcoin is 90% boring (yellow box).
All profits occur only 10% of the time (red arrow). Always after halving. Coincidence? i don’t think so. “
Source: Plan B/X
As of this writing, Bitcoin is worth $61,975.
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