How high can Bitcoin price go before Trump’s inauguration?
2024.11.08 07:29
Bitcoin is in price discovery, hitting a record high of $76,990 on Bitstamp just days after Donald Trump emerged victorious in the United States presidential election.
Several analysts predict further Bitcoin (BTC) highs as market participants anticipate a more crypto-friendly business environment under Trump’s presidency.
Bitcoin price on track to $100K after Trump’s win
Bitcoin’s price will likely breach the $100,000 mark following election win, according to Ryan Lee, chief analyst at Bitget Research.
Lee said a high open interest (OI) in futures markets along with the increasing market dominance of stablecoins suggest traders are positioning themselves for high volatility in the price of Bitcoin.
“With the market capitalization of stablecoins hitting a new high and fluctuating around $160 billion, there is room for significant leverage in the market, potentially pushing BTC to reach $100,000 within the next three months.”
Source: Cointelegraph
Similar predictions were made in a Nov. 6 report by digital asset custodian Copper.co., which said Bitcoin’s upward trajectory may continue into the new year with a $100,000 target.
Trump’s win reflects heightened market optimism and anticipation of potential policy shifts favorable to digital assets, said Fadi Aboualfa, head of research at Copper.co, who added:
“A $100,000 Bitcoin is quite possible by the time the 47th US President heads to the Capitol for inauguration on Jan. 20, with ETFs holding approximately 1.1 million Bitcoin.”
Copper.co’s prediction was based on historical spot Bitcoin ETF accumulation trends and current market data.
“We have back-tested the ETF accumulation trend against potential price ranges.”
Spot Bitcoin accumulation based on historical trends seen in 2024. Source: Copper.co
Trump’s second term is viewed as bullish for the cryptocurrency space, where many participants expect clearer crypto regulations that favor blockchain innovation.
Still, Lee said Trump’s policies may mean inflation in the world’s largest economy will remain above 3.5% in the “medium to long term.”
BTC price could hit $200K under Trump’s presidency
In a Nov. 7 post on X, technical analyst Gert van Lagen said BTC’s price surged beyond the key reaccumulation phase of the “descending broadening wedge,” indicating a potential parabolic move toward the $200,000 zone.
“$BTC has broken out of the reaccumulation ‘Descending Broadening Wedge.’ Ready to parabolically hit the $200k+ zone.”
BTC/USD weekly price chart. Source: Gert van Lagen
Lagen’s chart reveals that the reaccumulation phase, a consolidation period following Bitcoin’s price rally earlier this year, seems to be nearing its end as BTC is back in price discovery.
The next projected target is between $90,000 and $100,000, with the ultimate goal of reaching $200,000 by around May 2025.
Crypto YouTuber Lark Davis was bullish on the next 90 days.
“We’re most likely going to see a $100,000 Bitcoin in the next 3 months,” Davis said in response to BTC’s new all-time highs near $77,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
