As a seasoned analyst with over two decades of experience in global financial markets, I have witnessed numerous economic cycles and political events that have significantly impacted various asset classes. In light of the upcoming U.S. presidential election, I believe Bitcoin (BTC) could potentially reach new heights, possibly surpassing the $100,000 mark.
It’s possible that Bitcoin (BTC) is preparing for an unprecedented surge towards $100,000, with some cryptocurrency experts suggesting that the forthcoming U.S. Presidential election could potentially have a significant impact on its trajectory.
Regardless of the election outcome, specialists predict that the value of cryptocurrency might reach this significant level. They also posit that a Trump win could temporarily accelerate its growth rate, propelling it forward more swiftly in the immediate term.
Election’s Influence on Bitcoin Price Action
Observers have pointed out that in past instances, Bitcoin’s growth has been more pronounced following an election. Given that elections are scheduled for November 5th this year, these observers predict that the digital currency could well maintain its historical trend of increased performance in 2023.
On November 4th, well-known analyst Miles Deutscher, in a post on X, reiterated an opinion previously expressed by crypto trader Jordan Fish (also known as Cobie). They both believe that Bitcoin’s price will surpass $100,000 regardless of who is the President.
However, he emphasized that the cost of the leading cryptocurrency seems to correlate more with the likelihood of Donald Trump’s re-election, suggesting that investors are preparing for possible changes in regulations and economic conditions.
German suggested that a win for Trump might temporarily increase Bitcoin’s value due to expectations among investors of a friendlier regulatory climate.
Instead, the expert posited that if Kamala Harris were to win, it might temporarily lower the asset’s value. This is because her potential approach towards crypto regulation may be more cautious, which could influence initial investor confidence. However, Deutscher asserts that this won’t hinder a prolonged uptrend from eventually impacting the market in the future.
Long-Term Growth to Be Unaffected by Winner
Regardless of which political party emerged victorious, Bitcoin has consistently shown a pattern of recovery following elections. This trend was observed even after Joe Biden’s win in 2020, as the market still experienced an uptick. (Crypto chartist Ali pointed out this pattern.)
The pattern suggests a commonly accepted perspective in cryptocurrency: although elections can cause temporary fluctuations in Bitcoin, they typically have little impact on its long-term expansion.
As the final day approaches for America to choose its upcoming president, Bitcoin’s value is hovering slightly below the $69,000 mark. It almost surpassed its record-breaking high of $73,737 from a week ago, but fell just short.
Over the past week, there was a minimal increase of about 0.2%, yet over the last fortnight, there was a small decrease of 0.1%. However, since the beginning of 2024, Bitcoin (BTC) has seen impressive growth, surging more than 60% and outpacing conventional assets such as gold and stocks during this period.
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2024-11-05 09:11