Midterm Elections Loom, Bitcoin's Price May Fall Again

The upcoming midterm elections in the United States are just one month away, and history suggests that Bitcoin's price may be affected.

A look at past election cycles shows that Bitcoin has historically experienced a downturn following each event, with prices falling by as much as 72% after the 2010 elections.

This year is no exception, with Bitcoin's large shareholder category once again in accumulation mode. Wallets holding between 10 and 10,000 BTC coins increased their holdings by 41,025 BTC over the past ten days, bringing the total amount to 13.64 million, or 67.93%.

This trend could support a move toward $90k for Bitcoin in early Q4, as options traders are increasingly positioning for a move above this price level.