Bitcoin (CRYPTO: BTC) could face another post-election sell-off following the U.S. midterm elections on Nov. 3 as historical patterns point to further downside.
In a podcast on Oct. 24, market commentator More Crypto Online noted that Bitcoin hit cycle lows within 10 weeks of the 2014, 2018 and 2022 midterms, losing nearly 50% after the first two elections.
On the other hand, Bitcoin gained 22%, 44% and 92%, respectively, over the following year.
Unlike previous midterms, when Bitcoin traded roughly 70% below its peak, it is now down about 35%.
This leads the analyst to dismiss another 50% crash.
Could Bitcoin Fall Toward $63,300?
More Crypto Online warned that an ABC correction could push Bitcoin toward $63,300 to $74,800, with $74,800 presenting a potential buying opportunity.
The 50-week moving average near $76,000 to $76,500 could offer additional support.
Bitcoin faces resistance at $82,400 to $84,100 and $84,400 to $86,500.
Breaking above both zones would weaken the bearish outlook, while a drop below the Oct. 15 low could signal further losses.
Almost $6.2 billion in Bitcoin ETF inflows since early July could limit downside pressure.
Election-Driven Selloffs Create Buying Opportunities
In a Schwab Network interview on Oct. 22, Jim Ferraioli said election outcomes have historically shown little correlation with crypto prices.
While rising odds of Democratic control of Congress have occasionally coincided with crypto weakness, he said the relationship lacks statistical significance.
Ferraioli views election-driven selloffs as potential buying opportunities, citing institutional adoption, bipartisan regulatory support and ongoing agency guidance despite the failed Clarity Act.
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