Bitcoin price outlook leading up to the US election

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Bitcoin may reach a new record high in the days leading up to the US presidential election in November, onchain and technical signals show.

Bitcoin may have reached a local bottom during the global market rout on Aug. 5 when its price dipped to a six-month low of approximately $49,500.

The potential bottom aligns with historical patterns observed in previous United States election years, where Bitcoin has consistently found its local low in the third quarter, typically around July or August.

Can Bitcoin hit a new record high before the election?

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