Bitcoin's price experienced a drop, but whales continued to accumulate large amounts of BTC. Two whales made significant purchases, with one buying 500 BTC worth $34.9 million at $69,799 and another buying 550 BTC valued at $38.68 million. These purchases reflect strong investor confidence despite Bitcoin's recent volatility. The price of Bitcoin has historically shown affinity for the four-year cycle that coincides with US presidential elections, with breakout patterns and rallies occurring during election years. Bitcoin is currently consolidating near its all-time high, indicating market indecision ahead of the 2024 election. The Relative Strength Index suggests a potential cooling in buying momentum. Recurring price patterns linked to election cycles demonstrate Bitcoin's sensitivity to political and economic shifts, with post-election breakouts pushing it to new highs. The whale purchases highlight growing confidence in Bitcoin's long-term potential, and the recurring election cycle patterns indicate the potential for another bullish phase as the 2024 election approaches.



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