Why did the price of Bitcoin rise today?
As the chances of Trump becoming the next US president are increasing, Bitcoin has crossed the $74,700 mark. At around $75k, it's trading at an all-time high.
If Donald Trump officially wins the US presidential election, will Bitcoin reach the $80k level today? Coinpedia's Latest BTC Price Analysis, Focusing on US Elections, Reveals Next Bitcoin Price Targets!
Trump went to victory
Donald Trump leads the US polls with 230 seats compared to Kamala Harris' 187 seats, and the Republican Party is edging closer to victory. Currently, at the time of the press conference, Trump has 51.7% of voters with his support, which increases his chances of becoming the next president of the United States.
Trump is also leading in key states that decide the US presidential election. According to Polymarket, the probability of Donald Trump becoming the next president of the United States has increased significantly and reached 94.6 percent. The betting volume is approaching $1.5 billion, and Kamala Harris' odds have dropped to 5%.
Crypto market analysis
In such bullish influence, Bitcoin dominance is approaching 60%. Meanwhile, altcoins posted near double-digit gains. Among the top performers, Solana surged 17% to overtake Binance and become the fourth largest cryptocurrency. Its market cap has reached $88 billion and is currently trading at $186.
Among the forerunners, Goat had a 24-hour jump of 46%, followed by Dogecoin and Uniswap with jumps of 30% and 23.6%. Dogecoin has reached a market cap of $30 billion and is currently trading at $0.2104, which is nearing a new 52-week high.
BTC price analysis
Coming back to Bitcoin, the BTC price chart shows a huge candle as the post-test reversal is gaining momentum. It is up 9.28% in the last 24 hours and has a market cap of less than $1.5 trillion.
Marketing perspective
The last two candles saw a price jump of 10.86% and crossed the 100% Fibonacci level to close to the 1.272 Fibonacci level at $79,000. This can be an achievable target at the end of the day. The MACD indicator has given a bullish cross in support of the bullish trend.
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