Breaking: Bitcoin Price Could Hit $100,000 If Trump Wins the Election
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As the U.S. election approaches, predictions about Bitcoin's price are drawing significant attention from the crypto community. On August 25, 2024, a crypto expert posted on X (formerly known as Twitter) that if former President Donald Trump secures another term, Bitcoin could easily reach the $100,000 mark.
Bitcoin's Potential to Reach $100,000
Anthony Scaramucci of Skybridge Capital shared a similar sentiment during an interview, stating, "I do think Bitcoin gets to $100,000. Itâs just taking longer. Thereâs been just more regulatory hurdles, more uncertainty."
Currently, on Polymarket, the world's leading prediction market, 51% of Americans believe Trump will win the election, compared to 47% who support Vice President Kamala Harris. Additionally, pro-crypto and independent presidential candidate Robert F. Kennedy Jr. recently withdrew his candidacy and endorsed Trump.
Trump's Influence on Cryptocurrency
This trend suggests that Americans might favor a crypto-friendly president this time around. The crypto community has also lauded Trump's recent pledge to remove Gary Gensler as the chair of the Securities and Exchange Commission (SEC).
Given Trump's positive stance on crypto and blockchain, a victory could lead to more favorable policies for the cryptocurrency sector. The Federal Reserve Chairâs potential rate cut announcement has also bolstered bullish sentiment
Bitcoin Price Outlook
Currently, Bitcoin (BTC) is trading near $64,250, having gained over 1% in the past 24 hours. However, its trading volume has dropped by 31% over the same period, indicating reduced trader participation.
Experts now maintain a bullish outlook for Bitcoin, suggesting it could climb to $68,000 or even $71,000 based on price action and technical analysis. However, reaching the $100,000 mark is still considered less likely at this time.
