Analyst: Bitcoin may significantly rebound after the US election and break through $100,000

CoinDesk Senior Analyst James Van Straten said, "As we await the results of Tuesday's U.S. presidential election, the crypto market may remain volatile. In the short term, this could affect the price trend of cryptocurrencies. However, once things stabilize, if previous election patterns repeat themselves, Bitcoin (BTC) could experience a significant rebound.

Bitcoin was created in 2009 and is now facing its fourth U.S. election. Data shows that after each of the past three elections, Bitcoin has always rebounded and never fell back to its price on Election Day. If this trend reappears, BTC's price should peak within about a year. If history can guide us, Bitcoin might break through $100k after US elections.

Currently compared to previous cycles Bitcoin is undervalued whether it’s from November 2022 cycle low or from April’s halving.

In fact,this is worst performance in a halving cycle where bitcoin prices are only 7% higher than at half time which further supports diminishing returns theory."