Will US Elections Take Bitcoin to New All-Time Highs?
Currently, the crypto market stands at a value of $2.33 trillion. This marked a significant increase over the past two months, when Bitcoin temporarily crossed the $73,000 mark.
However, in the last few days, the correction in Bitcoin has brought its market price down to $69,674. It has currently recorded a 0.61% increase in the last 24 hours and a 3.88% jump in the 7 days.
Despite the short-term setback, weekly retracement discarding gains, 30-day Bitcoin recorded a jump of 13.60% over the past 30 days. With the upcoming US presidential election, rising institutional interest and the end of the 2024 season, will Bitcoin price hit new all-time highs? Let's go to the people, the people, the people, the people, the people, the people Look at the fly.
Bitcoin price prediction between the US presidential elections
The US presidential elections continue to be a key catalyst driving the current price of Bitcoin. Users on Polymarket predict that Donald Trump will win the election by 57.5%. This is supported by an impressive transaction volume of $1.15 billion. Meanwhile, Kamala Harris stands at 42.5% chances.
Donald Trump's supportive stance on Bitcoin and other cryptocurrencies makes his victory a potential boost for Bitcoin.
Marketing perspective
On the daily chart, the price of BTC is struggling to break the highs near $73,600. BTC price is expected to rise if Donald Trump wins the US election.
Additionally, whichever candidate wins, the broader market expects a 0.25 basis point cut in interest rates. Therefore, the price of BTC may rise to the 1.272 Fibonacci level at $79,000.
Institutional support for Bitcoin will grow
The growing institutional demand for Bitcoin is a critical driving force. Over the past four weeks, US spot Bitcoin ETFs have recorded net positive inflows.
Leading the trend, BlackRock IBIT now has a total net worth of $29.95 billion, followed by Grayscale GBTC at $15.22 billion.
If Trump wins?
If Donald Trump loses the election, a growing positive stance from Kamala Harris could play a positive role for Bitcoin. However, the general market sentiment expects a slight fall for the crypto market if Donald Trump is defeated.
In such a case, BTC price may find support near the $65,000 support level. However, a possible drop in prices after the US presidential election will rekindle the bullish trend. So, the loss of Donald Trump could be a bittersweet situation for Bitcoin owners.
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