With the election scheduled for November 5, market watchers and investors are eagerly anticipating the impact of the results on Bitcoin's value. Historically, Bitcoin's price on U.S. election day has always set a floor, followed by notable price surges.
As the leading cryptocurrency, Bitcoin has seen its market momentum affected by major political events, especially in the United States, which remains a financial powerhouse. This year, the risks are particularly high as Donald Trump and Kamala Harris present contrasting visions for the future of cryptocurrency.
Donald Trump, representing the Republican Party, has positioned himself as a pro-cryptocurrency candidate. He has committed to making the U.S. a global center for the cryptocurrency industry and has proposed integrating Bitcoin into the national treasury.
These proposals have garnered significant attention from the cryptocurrency community, aligning with their preferences for free market and unregulated policies.
In contrast, Kamala Harris has struggled to resonate with cryptocurrency enthusiasts. Although she has pledged to establish regulations to support minority groups, including 'black men', her platform is seen as a continuation of the current administration, which is not supportive of the cryptocurrency industry. This perception makes her more aligned with stability rather than the radical changes that many in the cryptocurrency space advocate.
Financial analysts from Bernstein hypothesized that a Trump victory could push Bitcoin's price to $90,000 in the short term due to his favorable cryptocurrency policies. On the other hand, a Harris victory could cause Bitcoin's price to adjust to around $40,000, reflecting investor uncertainty about her regulatory stance.
Regardless of the election outcome, the long-term outlook for Bitcoin remains optimistic. Analysts believe that Bitcoin's inherent qualities and the growing public acceptance will continue to drive its price upward.
Bernstein's prediction suggests that Bitcoin could reach $200,000 in this cycle and is likely to hit one million dollars by 2033.
Adding to this week's financial events, the United States will announce new interest rates on Thursday. The combination of Trump's victory and a significant interest rate cut could serve as a powerful catalyst for Bitcoin, potentially ushering in an unprecedented bull market.
Bitcoin (BTC) is currently trading at $67,661, down 1.57% on the day. Over the past week, Bitcoin has decreased by 0.41%, although it has still increased by 8.99% in the past month, reflecting sustainable upward momentum from recent gains.
The trading volume over the past 24 hours is $38.34 billion, indicating positive interest despite the price drop. The key support level is near $67,000, while the resistance level remains around the all-time high of $73,794.