🚀🚀🚀 #bitcoin☀️ Hits New High Above $76,000 Following #Trump's Victory
Bitcoin markets surged today, hitting a new all-time high after Donald Trump secured a second term as U.S. president. The leading cryptocurrency reached approximately $76,500 this afternoon, according to Coinbase data on TradingView.
Several analysts attributed this rally to Trump’s reelection. Tim Enneking, managing partner at Psalion, highlighted the strong link between Bitcoin’s price movements and the election outcome. “It’s rare to see such a direct cause-and-effect relationship in public markets,” Enneking noted. “As Trump gained votes, BTC rose; when Harris gained votes, BTC fell.”
Brett Sifling, an investment advisor at Gerber Kawasaki Wealth & Investment Management, echoed this view, stating that “These gains in Bitcoin are largely a result of Donald Trump’s victory.” Sifling added that many market participants viewed the election outcome as favorable for crypto, pointing to Trump’s pro-crypto stance and commitment to bolstering America’s crypto position.
“Trump’s enthusiasm for blockchain is evident, from his #NFT drop to launching his own coin,” Sifling continued, emphasizing Trump’s interest in integrating Bitcoin into the financial system.
Looking ahead, several experts shared their price projections. Alice Liu, head of research at CoinMarketCap, expressed optimism. “Analysts are predicting Bitcoin could hit $80,000 or even $90,000 in the wake of Trump’s win, with confidence in a more crypto-friendly environment growing,” she stated.
Greg Magadini, director of derivatives at Amberdata, provided additional insights, referencing Deribit’s options market data. “Dealer positioning suggests $BTC could settle between $80,000 and $90,000 by year-end,” Magadini noted, although he added that the chance of hitting $100,000 by year-end is currently priced at just 7%.
