The US presidential election, to be held in November 2024, is considered an important turning point for financial markets, especially for cryptocurrencies such as Bitcoin. According to VanEck's head of crypto research, Matthew Sigel, the election results could have a significant impact on the future direction of Bitcoin. Sigel claims that if a pro-crypto candidate like Donald Trump is re-elected, Bitcoin and the overall market could reach new highs.

Recent decline in cryptocurrency markets, creditors of Mt. Gox and the German regulatory sell-off. Sigel expressed hope that these pressures will soon ease and reduce the bearish impact on Bitcoin. Recalling that during previous bull markets, Bitcoin did not remain below the 200-week moving average for more than six weeks, Sigel predicted a recovery in the near future.

Another important factor that Sigel identifies is the broader economic environment and in particular the expected adjustments in monetary policy. With inflation rates slowing and the US economy on a soft landing, a long-awaited change in monetary policy may be on the horizon. This potential shift is backed by extensive spending expected to continue over the next four years, which could create a more favorable regulatory environment for cryptocurrencies under the Trump administration.

If Trump wins the upcoming election, Sigel predicts there will be a more favorable regulatory framework for cryptocurrencies in the US. This scenario could pave the way for Bitcoin to reach an unprecedented all-time high. Investors and market participants should carefully monitor the outcome of the election, as the election results could be an important catalyst for Bitcoin's price movement and push it to new highs.