At the time of this article's release (November 16, 2024), Bitcoin (BTC) has reached its peak (all-time high) at 93,265.64 USD or equivalent to Rp1,475,000,000. One of the factors driving the increase in the price of Bitcoin (BTC) is the United States Presidential Election on November 5, 2024, which was won by Donald Trump after defeating Kamala Harris.
As previously reported, Donald Trump gave his support to cryptocurrency and promised to be pro-cryptocurrency industry in the United States. This statement gave a breath of fresh air to cryptocurrency players and gave support to Donald Trump. The US Presidential Election increased the volatility of Bitcoin (BTC) prices.
The very significant surge in demand for BTC (Bitcoin) ETF (Exchange-Traded Fund) on the US spot market after Donald Trump's victory in the US presidential election has analysts confident in the increase in the price of Bitcoin (BTC) during November. From data collected until November 8, 2024, the flow of funds into BTC (Bitcoin) ETF (Exchange-Traded Fund) on the US spot market was recorded at around 7.56 billion USD.
So what will happen after Donald Trump wins the US Presidential Election? Will the significant price increase since November 5, 2024 continue or is this price increase just temporary?
Bitcoin (BTC) is showing signs of a very significant price increase after the emergence of a bullish signal on the Moving Average Convergence Divergence (MACD) technical indicator on the 5-day chart. Analysts predict that Bitcoin (BTC) has the potential to touch the 100,000 USD mark if this price increase continues.
Bitcoin is not the only coin that has experienced a significant increase, several Altcoins (Alternative coins) have also shown positive trends, such as Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), XRP (XRP), and Dogecoin (DOGE). Meme coins have also experienced a very fantastic increase, even the increase in Meme coins has reached hundreds of percent. This reflects the increase in the high interest of retail investors in cryptocurrency as a whole.
Although they have not yet touched ATH (All Time High), Ethereum (ETH) and Solana (SOL) also showed very good performance, because each was supported by increasing interest in DeFi (Decentralized Finance), a financial system that allows users to transact directly without traditional intermediaries such as banks, and also the expectations of crypto players for friendlier regulations from the Donald Trump administration.
Analysts have several predictions that the price of Bitcoin (BTC) will touch 100,000 USD in November or before the end of 2024.
The phenomenon known as the “Bitcoin black hole effect” is also a major factor driving the rise in the price of Bitcoin (BTC), where Bitcoin’s dominance draws value from Altcoins (Alternative coins).
The rising price of Bitcoin (BTC) is also supported by the great interest from institutional investors, such as BlackRock, who are starting to see Bitcoin (BTC) as “digital gold” or a long-term stable asset.
The perception of Bitcoin as a safe haven asset has increasingly attracted institutional interest in investing in Bitcoin (BTC), especially in the BTC (Bitcoin) ETF (Exchange-Traded Fund) spot market. In October, the BTC (Bitcoin) ETF (Exchange-Traded Fund) spot market absorbed $4.1 billion in investment.
Not only institutional investors are interested in Bitcoin (BTC), retail investors are also increasingly convinced that the long-term value of Bitcoin will continue to soar. This large increase in investment has also had an impact by lifting the stock price of Bitcoin mining companies, which was previously predicted by 10x Research.
Investors seeking alternatives for long-term investment, as well as increasingly supportive regulatory developments, reinforce the positive outlook for Bitcoin (BTC) in the coming months.
Overall, the optimistic Bitcoin (BTC) projections and support from institutional investors provide hope for a significant increase in the price of Bitcoin (BTC) in the near future. Bitcoin (BTC) is expected to experience its highest peak price before the end of 2024. However, along with the development of regulations and market conditions, risks certainly remain.
The Bitcoin (BTC) price prediction of $100,000 is certainly an ambitious target that requires a lot of support from positive market trends and interest from investors.
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