The cryptocurrency world was shaken on November 6, when the confirmation of Donald Trump’s victory in the US presidential election triggered an unexpected surge in the Bitcoin market. Two whales, large-scale investors, made massive purchases worth $142 million worth of Bitcoin, which sparked the attention of the crypto community worldwide. This development seems to anticipate a new bullish trend in the market, and many analysts believe that we could see a Bitcoin rally above $100,000 in the near future.
Whales Accumulating: A Sign of Confidence in Bitcoin
Following Trump’s victory, two major investors made significant moves to increase their Bitcoin positions. The first whale, identified as "bc1qh", purchased over $50.4 million worth of BTC from Binance, while the second whale, "bc1qa", made an even larger acquisition, with purchases totaling over $92 million. These purchases not only highlight the increasing demand for Bitcoin but also reflect a strong bet by major players in the crypto market on a potential BTC rally.
How Does Trump Impact the Bitcoin Market?
Trump’s victory has raised expectations of a more favorable regulatory climate for the crypto industry. According to Coinbase CEO Brian Armstrong, the Republican-led Senate could be the "most pro-crypto Congress ever," and some experts anticipate that the Trump administration could introduce more relaxed regulations, encouraging innovation and adoption of digital assets in the U.S. This favorable regulatory environment could act as a catalyst for a major upswing in the price of Bitcoin and other cryptocurrencies.
Price Predictions: Is a $100,000 Rally on the Horizon?
Analysts from Bitget Research and Bitfinex have expressed bullish projections following the shift in the political landscape. According to Bitget’s head analyst, Ryan Lee, the stablecoin market, with a capitalization of $160 billion, could provide the necessary leverage to push Bitcoin to new highs. In fact, BTC is expected to surpass $80,000 before the end of 2024, fueled by growing interest in year-end options and a renewed appetite for risk assets.
