Midterm Election Low May Spark Year-Long Bitcoin Rally

Bitcoin's price has historically bottomed around U.S. midterm elections, which are set for November 3, before entering a year-long rally. According to on-chain data, profit and loss metrics are nearing a crossover that often signals a market bottom.

However, the bullish outlook is uncertain due to weak U.S. buying since July. On-chain data shows that minimal capital has flowed into Bitcoin during this period, making investors cautious.

The upcoming midterms and on-chain signals will be key indicators for potential market direction. If history repeats itself, a year-long rally could follow the expected bottoming of Bitcoin's price around November 3.