- Bitcoin is only 2% away from all-time highs (ATH) is $73,000, and a possible Trump victory on November 5 could seal the deal.
- analysts believe Bitcoin Will Do Well, Possibly Reaching Six Figures Regardless of the outcome of the U.S. election.
- one Bitcoin’s surge above $200,000 to $400,000 doesn’t require a weaker dollarConsider the continued growth of the store of value market and institutional USD Bitcoin adoption.
Has the bull market begun?
Bitcoin ($BTC) reaches $72,400up 2% on the last day and 8.47% last week. Its 24-hour trading volume also increased by 10.75%.
CoinMarketCap’s community sentiment indicator shows 73% of trade stances are bullishwhich can lead to serious greed.
A Bitwise executive (Matt Hougan) also came out and said The dollar doesn’t have to collapse for Bitcoin to reach a six-figure value.
Additionally, the upcoming U.S. election (and potential Trump victory) will further stimulate the market, leading to a rare bullish move.
Let’s see what this is all about.
If the dollar doesn’t die, BTC could hit $400,000
Matt Hougan (Chief Investment Officer of Bitwise) believes that Bitcoin’s store-of-value properties don’t depend on dollar depreciation success.
He further explained that investing in Bitcoin relies on two assumptions:
- Bitcoin will gain enough investor attention as a store of value asset.
- Governments will continue to abuse fiat currencies and make store-of-value assets more attractive.
Both arguments appear to hold. BTC accounts for approximately 7% of the market value of gold 18T. Assuming BTC can reach 50% of the value of gold, each Bitcoin will be worth $400,000.
Add to the growing interest in the store of value market, and Bitcoin could (technically) hit seven figures. Hogan thinks this is the most likely scenario.
The most important thing is, Traditional store-of-value assets are growing in popularity Due to increasing global economic uncertainty.
For example, On October 29, gold prices hit a record high of $2,778. One economist said the dollar’s depreciation will continue to be a mainstay of U.S. industrial policy. financial awareness report.
All of this demonstrates Bitcoin’s potential as a store of value asset. U.S. politics is another bullish factor.
A Trump victory could send BTC prices past $80,000
Last time we checked, Trump won the election at Polymarket, the world’s largest derivatives market.
Now that the election is so close (November 5th), crypto experts expect a Trump victory to “Provides dopamine stimulation“To the market.
Bitcoin surged from $65,000 to $73,000, a massive increase that could signal an ATH breakout soon.
Altcoins such as Cardano (daily growth 2.78%) and Solana (weekly growth 8.51%) are not far behind, with Most markets are green. Not even The memecoin market is booming24-hour trading volume increased by 2.45% ($103B).
With Trump’s pro-crypto policy, Traders expect Bitcoin to hit $80,000 by November 5calling the coin a “Trump trade.”
Others are more pragmatic. Nick Foster (Founder of Derive) Caution advised in increasingly volatile markets.
While Swyftx analyst Pav Hundal thinks a Trump victory would be a good thing for the industry, he also The election is not believed to be the “decisive factor in Bitcoin hitting $100,000.”” David Lawan (Director of Research at FalconX) agrees.
Has the bull market finally begun?
yes A final look at the possible bull market in 2024. After the Bitcoin halving in April, the entire market has been looking forward to this moment.
this US election further bolsters bullish narrativewith Bitcoin so close to an ATH breakout, the writing is on the wall.
The next few weeks will help Bitcoin soar along with the rest of the market.
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