Bitcoin Price May Peak Ahead of 2026 Midterm Elections
Bitcoin's price has been on a tear, rising to over $80,000 before pulling back slightly. As of press time, it was trading at $78,379, down 1% in the last 24 hours but up 21% over the week. The cryptocurrency remains in a strong uptrend, with its current prices well above its 50-day SMA of $65,787 and 200-day SMA of $69,157.
Historically, Bitcoin has weakened before U.S. midterm elections, often falling toward major long-term moving averages before establishing a cycle bottom. According to TradingShot's analysis, this pattern may repeat itself in the coming months. The analyst suggests that Bitcoin could drift toward or below its weekly 200 MA by November, potentially extending to the weekly 350 moving average if it follows the same path as the 2022 election cycle.
However, TradingShot notes that Bitcoin's four-year cycle model may limit the downside. The cryptocurrency is approaching a phase typically associated with the start of a new bull market rather than an extended correction. If this pattern holds, Bitcoin could retreat toward its long-term support levels before November.