US elections and the Fed: How will Bitcoin react?

Bitcoin (BTC) had a volatile start to the US election week. Analysts are expressing their views that the election results could create major movements in the crypto market. Speculations are increasing that Bitcoin could reach six-figure levels by the end of 2024.

BTC, which approached an all-time high last week, fell to $67,000 with the sell-off that continued throughout the weekend. The decline in BTC was attributed to Kamala Harris's lead over Donald Trump in the polls.

On-chain analysis platform Spot On Chain reported that the pullback in $BTC was a correction and that the price will continue to rise in the near future.

The US presidential election and the Federal Open Market Committee (FOMC) meeting falling in the same week could lead Bitcoin (BTC) to enter one of its most volatile periods ever.

According to Spot On Chain's market analysis based on historical data, significant increases were generally seen after the US elections. This trend could push BTC upwards regardless of who is elected president. The analysis emphasized that $100,000 is an achievable target for the BTC price.

Crypto analyst Ali Martinez drew attention to the fact that BTC, which was traded below $12 in 2012, increased by 10,640 percent after the elections. Martinez emphasized that a similar scenario occurred after the 2016 elections and BTC increased by 2,698 percent during the period in question.

In the last US presidential election held in 2020, the price of BTC increased from $14,000 to $69,000.

Analyst Miles Deutscher suggested that the elections could have a serious impact on the market in the short term. The analyst stated that if Trump is elected president, a severe crypto bull could occur, and if Harris wins, the increases will slow down. Nevertheless, the analyst believes that the crypto bull will occur regardless of who is elected president.

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