[Analyst: Bitcoin Has Seen Significant Pullbacks in Previous US Midterm Election Cycles; Key Support Level at $73,000 Needs Attention] BlockBeats reported on October 24th that crypto analyst Ali Charts stated that with the US midterm elections approaching on November 3rd, investors may be overlooking the recurring Bitcoin pullbacks seen in previous election cycles. He believes this election may again be accompanied by significant volatility, and downside risks warrant attention, with a key support level to watch being $73,000. According to his statistics, in the US midterm election cycles of 2010, 2014, 2018, and 2022, Bitcoin experienced pullbacks of 72%, 65%, 52%, and 27%, respectively. However, he emphasized that correlation does not equal causation, and the election itself is not necessarily the cause of the decline; these pullbacks are also influenced by the overall Bitcoin market cycle, liquidity conditions, and investor sentiment. Fourth-quarter earnings also exhibit similar characteristics: in 2014, 2018, and 2022, Bitcoin's fourth-quarter performance saw declines of 16.70%, 42.16%, and 14.75%, respectively. The only exception was 2010, with a 391% increase in that quarter, but Bitcoin was still in its early stages at the time. Therefore, in three of the past four midterm election years, the fourth quarter recorded negative returns. Regarding future price movements, Ali Charts stated that the $73,000 level is close to the average purchase cost of current short-term Bitcoin holders and can be used to observe the holdings of recently entered investors. He pointed out that in established bull markets, Bitcoin often finds support near the cost basis of short-term holders after a significant pullback. He believes that if selling pressure accelerates after the November 3rd election, pushing Bitcoin back to around $73,000, this area will become a crucial level to test whether buyers are still willing to maintain the overall bullish trend. If prices continue to rise from this area, it will strengthen the bullish view; in terms of trading strategy, he will wait for signs of selling pressure easing and demand returning before considering establishing long positions. [Original Link]