Since the announcement of the presidential election in the United States till the victory of Trump Bitcoin prices have seen a major strength as of writing it was trading above the mark of $74k.
Following the results of the elections until writing a significant bullishness in the vast cryptocurrency market has been observed.
The Victory of Donald Trump is seen as a landmark victory for the crypto market as he has been constantly appreciating Bitcoin and some other digital currency since he filed his nomination and revelation of his digital asset holdings.
Many leading crypto moguls took the victory of Trump over social media terming it a new renaissance for the digital asset market in the United States.
Will Bitcoin Reach New Milestones in the Next 100 Days?
Everyone is ready with their own claims. Some argue Bitcoin will reach $100k by the end of 2024 and some others believe it is expected to reach $150k by 2025. However, no one can exactly claim the prices of Bitcoin in the coming times further but there are proof-based claims that BTC will likely reach above $80 in the next 100 days.
The duration of 100 days is quite important as during his speech at Nashville in July 2024 Donald mentioned that if he wins he will work in favor of Bitcoin and will form new institutions, particularly for BTC, and will also replace the existing chair of the Securities and Exchange Commission in the United States.
According to JP Morgan analysts, geopolitical tensions, tariffs, and an expansionary fiscal policy targeted at “debt debasement” are likely to support the “debasement trade.” They continued, “We do not interpret the initial negative market reaction in gold as a rejection of the ‘debasement trade’ under a Trump victory.”
The current chairman of the SEC Gary Gensler is often criticized for his harsh attitude towards digital currency and under his leadership the commission has gathered over billions in penalties from crypto-based companies.
Until publishing Bitcoin was trading at above 20, 50 100, and 200-day EMA, and almost every indicator is favoring growth in the coming time frame.
One other reason that is present by analysts in their claims is the boost in Bitcoin price before the election results, it is worth noting that in the past 30 days, a whopping surge was seen in its trading prices.
Bitcoin Price Overview
At the time of writing Bitcoin was trading at $74,968 with a weekly growth of 3.89 percent at the same time its trading volume fell over 33 percent reaching $68 billion. It is worth noting that the market capitalization has continued to surge for the past few quarters, growing 1 percent intraday reaching $1.48 trillion.
Source: CoinMarketCap
If BTC continues to grow at the current pace then there are expectations that it might soon surpass its nearest resistance of $80k followed by the next resistance of $87k.
Yet a reverse or steadiness is also expected as there has been a massive accumulation and the buyers seem to be overcharged, which might initiate a sudden decline in BTC price.
Trump’s fiscal policy is expected to influence Bitcoin’s price, as he recently revealed plans to collaborate with Tesla’s (TSLA) Elon Musk on reducing government spending to address the national debt. Musk may potentially lead a newly proposed “Department of Government Efficiency.”
