Bitcoin (BTC) could be gearing up for a historic $100,000 pump, and, according to crypto analysts, the upcoming U.S. presidential election may yet play a key role.
According to experts, the cryptocurrency may achieve this price milestone regardless of who wins. However, they suggest a Trump victory could serve as a short-term catalyst, boosting its momentum much faster.
Election’s Influence on Bitcoin Price Action
The market watchers have noted that on previous occasions, bitcoin’s performance spiked after the election, and with polls set for November 5, they suggest the asset is quite likely to continue the trend this year.
In a November 4 post on X, prominent analyst Miles Deutscher echoed sentiments previously shared by crypto trader Jordan Fish, also known as Cobie, that BTC was destined to hit the $100,000 mark no matter who occupies the White House.
On the other hand, he pointed out that the price of the number one cryptocurrency aligns more closely with Trump’s election odds, reflecting the market’s anticipation of a potential shift in regulatory and economic landscapes.
Deutscher indicated that a Trump victory could drive up BTC’s price in the short term, with investors anticipating a more favorable regulatory environment.
In contrast, the expert suggested a Kamala Harris win could temporarily push down the asset’s price. This, he stated, was due to the Democratic flagbearer potentially adopting a more cautious stance toward crypto regulation, which could affect initial investor sentiment. Even so, Deutscher believes it will not prevent a more sustained upward trend from eventually hitting the market.
Long-Term Growth to Be Unaffected by Winner
Bitcoin has a history of strongly rebounding after elections, regardless of the winning party. Crypto chartist Ali noted this, highlighting that even with Joe Biden’s win in 2020, the market still went up.
The trend supports a widely-held view in crypto that while elections may influence BTC’s short-term reactions, they rarely affect its long-term growth.
With only one day left until America decides on its next president, the price of BTC is trading just below the $69,000 level, having nearly peaked past its all-time high price of $73,737 about a week ago.
The changes in price across several periods are quite negligible, with a slight 0.2% increase over 7 days counterbalanced by a 0.1% drop in the last 14 days. So far, in 2024, BTC has rallied more than 60%, outperforming traditional assets such as gold and stocks in that time.
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