The ongoing US presidential election has created a major boost in the crypto market, with Bitcoin reaching an all-time high of $75,300 – an 8% jump in just 24 hours! Over the past year, Bitcoin has more than doubled in value, proving that it is becoming a trusted store of value. But that’s not all: top analysts are now predicting that Bitcoin could soon soar to $100,000! These are the main reasons behind this huge wave.
Trump’s victory pushes the price of Bitcoin higher
Bitcoin’s price rose above $73,800 for the first time since March 13, briefly reaching $75,000. This increase came earlier after election results declared Donald Trump the 47th US president. However, Trump is a strong supporter of cryptocurrencies.
Many analysts believe that Trump’s support for cryptocurrency will help boost the price of Bitcoin. His positive attitude towards the crypto industry contrasts with the more reserved views of his opponent, Kamala Harris, who has not been as vocal about supporting crypto.
Halving effect on the Bitcoin price
Besides the political factor, Bitcoin’s halving has also contributed to the rally as the reduction in rewards for miners limits the supply of new coins, making Bitcoin scarcer.
However, historical halving events have historically led to price increases, and this time the rally appears to have started earlier than expected.
Discover the outflows of Bitcoin ETFs
Despite the rise of Bitcoin, recent trading patterns show some changes in the market. On November 4 $541.1 million was raised from Spot Bitcoin ETFs, platforms such as Fidelity and Grayscale.
Additionally, Bitcoin spot ETFs saw outflows of $116.9 million on November 5. This suggests that some investors may be taking profits or adjusting their positions, showing that the market is still volatile.
Bitcoin path to $100K
Bitcoin price just hit a new all-time high of $75,361, and excitement is building for even more gains. With BTC Futures Open Interest up nearly 9% to $43.57 billion, investors are becoming more optimistic than ever.
Additionally, analyst Deutscher believes that Trump’s recent victory could trigger an “instant pump” that could send Bitcoin straight to a new all-time high of $100,000 by the end of this year.
But that’s not all: Crypto Rover, a well-known analyst, points out that the last time Trump won the US elections, Bitcoin rose by an astonishing 2700%. If history repeats itself, we could see Bitcoin soar to $2 million by 2025