Trump’s Win Fuels Crypto Rally: Could Bitcoin Hit $100K by 2024-End?
Mustafa Mulla6 Nov 20242 min read
The U.S. presidential election has sparked a major boost in the crypto market, with Bitcoin reaching a new all-time high of $75,300—an 8% jump in just 24 hours! Over the past year, Bitcoin has more than doubled in value, proving itself as a trusted store of value.
And that’s not all—top analysts are predicting Bitcoin could soon hit $100,000. Here’s why this surge is happening.
Trump’s Win Pushes Bitcoin Price Up
Bitcoin price has surged past $73,800 for the first time since March 13, briefly reaching $75,000. This rise came before after election results declared Donald Trump as the 47th U.S. President. However, Trump is a strong supporter of cryptocurrencies.
Trump’s positive stance on cryptocurrencies is a key factor in boosting Bitcoin’s price. This contrasts with the more cautious views of his opponent, Kamala Harris, who has not been as vocal about supporting crypto. Investors are reacting to the difference in approach, with Trump’s win adding confidence to the market.
Bitcoin Halving Event Contributes to the Surge
In addition to the election results, Bitcoin’s halving event has also played a part in driving prices higher. Halving reduces the rewards miners receive, limiting the supply of new coins and making Bitcoin scarcer. Historically, Bitcoin halvings have led to price increases, and this rally seems to be happening sooner than expected.
Market Adjustments in Focus
Despite Bitcoin’s rise, recent trading patterns show some changes in the market. On November 4, $541.1 million was pulled out from Spot Bitcoin ETFs, platforms like Fidelity and Grayscale.
Another $116.9 million left Bitcoin spot ETFs on November 5. These outflows suggest that some investors are taking profits or adjusting their positions, showing the market remains volatile.
Bitcoin’s Path To $100K
Bitcoin has now reached a new all-time high of $75,361, and the excitement is building for even bigger gains. With BTC Futures Open Interest rising nearly 9% to $43.57 billion, investors are more optimistic than ever.
Alongside this, analyst Deutscher believes Trump’s recent victory could trigger an “instant pump,” sending Bitcoin straight to a new record of $100,000 by the end of this year.
But that’s not all—Crypto Rover, a well-known analyst, points out that the last time Trump won the U.S. election, Bitcoin surged by an astounding 2700%. If history repeats itself, we could see Bitcoin rocket to $2 million by 2025
As the countdown to 2025 begins, Bitcoin’s potential seems limitless, with new milestones on the horizon and history ready to be rewritten.
