US Elections & The Fed: How Could Bitcoin React?
Bitcoin (BTC) kicked off US election week with high volatility, as analysts anticipate substantial market shifts driven by election results. Many speculate that BTC could reach six figures by the end of 2024.
After nearing an all-time high, BTC dropped to $67,000 over the weekend due to a sell-off attributed to Kamala Harris's polling lead over Donald Trump. However, on-chain platform Spot On Chain noted that this dip is a healthy correction and expects BTC to continue rising.
With the US presidential election and FOMC meeting coinciding, BTC could experience one of its most volatile periods. Historical data shows BTC typically rallies post-election, with some analysts targeting $100,000 as achievable. Crypto expert Ali Martinez highlighted past elections: in 2012, BTC saw a 10,640% increase, while in 2016, it rose by 2,698%. During the 2020 election, BTC surged from $14,000 to $69,000.
Analyst Miles Deutscher suggests Trump’s victory may accelerate a bull run, while a Harris win could moderate growth. However, many believe a bull run is likely regardless of the outcome.
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