The US election results are finally out with Donald Trump taking an insurmountable lead. He had promised to make the US a crypto-friendly nation. Even before Kamala Harris inherited Joe Biden’s presidential bid, the elections already had a crypto undertone, with Democrats and Republicans fighting for industry approval.
The US dollar is the global reserve currency recognized by even the crypto market. So far, Trump’s victory has sent the crypto market on a rally. However, it could bee more – an assurance that Bitcoin (BTC) is on a bullish path to $100k.
How the new US administration could Bitcoin
Donald Trump was confirmed as the next US president after he reached the 270 mark before Kamala. Earlier in his campaign, he had promised the crypto community that he would make the US a crypto capital.
Trump and his Vice President-elect, JD Vance, have stakes in the crypto ecosystem. According to reports, Vance is a crypto investor, specifically in Bitcoin. He’s said to have invested around $500k in Bitcoin.
Bitcoin, the largest crypto, has the potential to grow bigger than ever with the support of the US’s highest-ranking officials.
Previously, under the Biden government, cryptocurrencies and crypto exchanges faced choking crypto regulations. Market analysts predict the new government will present a more convenient ecosystem for Bitcoin.
America’s crypto path could be akin to El Salvador’s moving forward. El Salvador’s president, Nayib Bukele, has become the first president to congratulate Trump on the win.
Source: X
The result is definitely a win for Bitcoin as it adds another pro-Bitcoin president to the list. Analysts believe it is only a matter of time before America becomes the next crypto-friendly nation. The two presidents are likely to work together based on a similar interest in Bitcoin. This could mean another bull rally for Bitcoin before 2024 comes to a close.
Bitcoin price predictions for the rest of 2024
Earlier today, Bitcoin broke its all-time high of $73,750 to trade at $75,000 for a few hours. Despite many positive predictions, BTC has gone bearish several times to a no-activity pattern. Bitcoin has traded as low as $54,000 during the past months and just a few days ago, sat at about $68,000.
Source: CoinGecko
Given Bitcoin’s recent lack of momentum, it’s understandable that many analysts are starting to think that the change will be little for the remainder of the year. However, the prediction that Bitcoin will hit $100,000 by the end of 2024 still looks viable. At least, while the US election is still the biggest factor affecting its price, ahead of whatever next year brings.
Having Trump as the US president makes the bullish predictions more accurate. Michael Saylor has since tweeted, “Make Washington the Bitcoin Capitol.”
November has historically been Bitcoin’s most profitable month since 2013, with an average return of 46%. Analyst Lark Davis anticipates similar upside runs in 2024. “If we see a 46% pump from current prices, it would take BTC to $104,000,” he noted in his recent X post.
Source: X
Investors have banked on Fed rate cuts to create a productive environment under Trump. Recently, Trump mentioned plans to have the Fed reshuffled to ensure productivity, even suggesting an efficiency department ( D.O.G.E) run by Elon Musk.
The upcoming US Federal Reserve meeting on November 7, which is expected to result in a 25-basis-point rate cut, could boost Bitcoin’s upside potential, even if it means rallying toward Bernstein’s $80,000-90,000 forecast.
Six-figure market projection failures
The US election is another straw crypto investors are holding onto. Market analysts pushing for a 6-figure market prediction is an all-too-familiar trend. Earlier in April, BTC halving took the stage and nothing came off of it. Despite zero upswing price movements, the Bitcoin price remained relatively stable.
The second one is the Bitcoin ETFs. Following the SEC greenlight, there was an expectation of a crypto bull rally. Did anything tangible materialize? NO. Not even BlackRock’s investment in BTC has been sufficient to get the coin to $100k.
To top it all, investors are still anxious about BTC volatility. Some expect it will trigger another “sell-the-news” reaction similar to the Nashville Bitcoin Conference. Overall, traders remain cautious ready to profit from any fluctuations.
