Bitcoin Nears Midterm Elections Bottom

The link between U.S. economic factors and the crypto market has strengthened in recent months, with Bitcoin and other U.S.-linked assets becoming increasingly influential.

Historical data suggests that Bitcoin tends to decline in the year before the U.S. midterm elections, forming a bottom in the process.

The U.S. midterm elections take place on November 3rd, and if past patterns hold, there is a strong chance of a firmer upswing for Bitcoin after the vote.

On-chain analysis also points to a potential bottom forming, with profit realization crossing below loss realization in recent weeks.