Bitcoin topped $100K, a possible short-term indicator of Trump’s victory, the analyst said.

Bitcoin (BTC) may be preparing for a historic $100,000 pump, and according to crypto analysts, the upcoming US presidential election may yet play a key role.

According to experts, cryptocurrency can achieve this price milestone regardless of who wins. However, they suggest that Trump's victory will serve as a short-term booster and accelerate the momentum even further.

Election Impact on Bitcoin Price Action

Market watchers have seen bitcoin's performance increase after the election in the past and suggest that the asset will continue its trend this year with the elections scheduled for November 5.

In an article posted on X on November 4th, renowned analyst Miles Docher previously echoed the idea of ​​crypto trader Jordan Asa, also known as Kobe, that BTC was destined to hit the $100,000 mark if whoever took over the White House.

On the other hand, he pointed out that the value of the number one cryptocurrency is more closely aligned with the chances of Trump's election, reflecting the market's assessment of the potential shift in the regulatory and economic landscape.

Deutscher pointed out that a Trump victory could boost the price of BTC in the short term, as investors look forward to a more favorable regulatory environment.

On the contrary, the expert suggested that the victory of Kamala Harris could reduce the value of the property temporarily. This, he said, is due to the Democratic flag bearer taking a more cautious stance on crypto regulation as it may affect investor sentiment at first. Still, Deutscher believes a more sustained upward trend won't prevent the market from eventually hitting.

Long-term growth is not affected by the winner.

Regardless of the winning party, Bitcoin has a history of rebounding after elections. Crypto chartist Ali It highlighted that the market is still up even if Joe Biden wins in 2020.

While the election may affect BTC's short-term returns, it supports the view in the crypto that it can affect its long-term growth.

With just one day left until the US elects its next president, BTC is trading below $69,000, nearly surpassing its all-time high of $73,737 almost a week ago.

Price changes over different periods are not very simple, with a small increase of 0.2% in 7 days and a decrease of 0.1% in the last 14 days. So far, by 2024, BTC has rallied more than 60%, outperforming traditional assets like gold and stocks by then.