Bitcoin

With less than 16 months left until the next presidential election in the United States, the probability of a <a href="https://finbold.com/guide/recession/" rel="noopener noreferrer nofollow">recession</a> in 2024 is the highest in decades, but historical <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart patterns</a> seem to indicate that Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) could be preparing for a possible all-time high (ATH).As it happens, the recession probability in the US for 2024 based on the 10-year/3-month term spread is at its highest level since the early 1980s, according to the historical trend <a href="https://twitter.com/GameofTrades_/status/1679181327172501524" rel="noopener noreferrer nofollow">analysis</a> by the <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">finance</a> monitoring platform Game of Trades shared on July 12.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/490cb84521ab42f2b2392d4d03878b00.jpg" />US recession probability. Source: <a href="https://twitter.com/GameofTrades_/status/1679181327172501524" rel="noopener noreferrer nofollow">Game of Trades</a><h2 id="header-0">Bitcoin versus recession</h2>At the same time, <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>, which <a href="https://finbold.com/rich-dad-r-kiyosaki-predicts-bitcoin-to-hit-120k-next-year-as-usd-will-die/" rel="noopener noreferrer nofollow">many</a> consider a safe haven against recession, has consistently demonstrated the beginning of a <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bull run</a> in the 22 months before the US presidential election and has recently entered the pre-run phase, according to the observations made by <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> analyst Trader Tardigrade in a <a href="https://twitter.com/TATrader_Alan/status/1679400297691762694" rel="noopener noreferrer nofollow">tweet</a> shared on July 13.Indeed, Bitcoin’s relative strength indicator (<a href="https://finbold.com/guide/rsi-indicator/" rel="noopener noreferrer nofollow">RSI</a>) has emerged from the zero line on the two-week chart, indicating the beginning of the bull market, mimicking the trend from 2016, as the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> expert <a href="https://twitter.com/TATrader_Alan/status/1679134259670335491" rel="noopener noreferrer nofollow">noted</a> earlier in a macroeconomic chart pattern analysis tweeted on July 12.Furthermore, the <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> specialist predicts that Bitcoin will continue the run after the election and reach a new ATH, as it did in 2012, when Democratic candidate Barack Obama won, then in 2016, after the victory of Republican Donald Trump, and finally in 2020, with Democrat Joe Biden becoming the current president of the US.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/7d153038a2df4994a181b131a98d933a.jpg" />Bitcoin versus US presidential election year. Source: <a href="https://twitter.com/TATrader_Alan/status/1679400297691762694" rel="noopener noreferrer nofollow">Trader Tardigrade</a><h2 id="header-1">BTC price analysis</h2>Meanwhile, at press time, Bitcoin was changing hands at the price of $30,484, recording a 0.79% decline on the day and dropping 2.11% across the previous week but still hanging onto the 16.33% gain it accumulated during the past month, as per the latest data retrieved on July 13.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0e13d7dc2bc045488ebe4dbf2c6b14e6.png" />Bitcoin 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>All things considered, the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset has a strong chance of improving its value, especially if the US Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) finally approves the first spot <a href="https://finbold.com/guide/what-is-bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin exchange-traded fund</a> (<a href="https://finbold.com/etfs/" rel="noopener noreferrer nofollow">ETF</a>).Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>

Recession probability highest since 1980s as Bitcoin enters pre-run phase

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