The cryptocurrency market, particularly Bitcoin, often reacts to major global events, and the U.S. presidential election is no exception. With today’s election potentially determining the next President of the United States, either Donald Trump or Kamala Harris, significant shifts in Bitcoin’s price are anticipated. Top crypto analyst Miles Deutscher has provided insights into how the outcome could influence Bitcoin’s trajectory, potentially propelling it towards the coveted $100,000 mark or causing a temporary downturn. This analysis underscores the intricate connection between political developments and the crypto market.
BTC Rise To $100K IF Trump Wins
According to Miles Deutscher, the approaching U.S. election is poised to have a “short-term impact on crypto sentiment,” particularly affecting Bitcoin’s price. Currently hovering around $68,550, Bitcoin has experienced fluctuations, having recently descended from a seven-month high of over $73,000. Deutscher anticipates that a victory for Trump could initiate an “instant pump” in Bitcoin’s price, potentially propelling it to a new all-time high (ATH) of approximately $100,000 by the year’s end.
Pro-Business Policies and Regulatory Relief
Deutscher attributes this potential surge to Trump’s pro-business policies and the prospect of regulatory relief for cryptocurrencies, which could foster a more favorable environment for Bitcoin and the broader crypto market. Such conditions could facilitate a swift price rise, benefiting both Bitcoin and alternative cryptocurrencies (altcoins).
Stronger Foundation for Growth
Furthermore, Deutscher remains optimistic about Trump’s approach, suggesting it could lay a stronger foundation for Bitcoin’s growth. By nurturing an environment conducive to increased demand and investor interest, Bitcoin could experience substantial growth, reaching new heights under Trump’s leadership.
Harris Win: Short-Term Correction
Conversely, recent trends have seen both Bitcoin prices and Donald Trump’s election odds on the blockchain-based betting platform Polymarket decline sharply, while Kamala Harris’s chances have gained traction, sparking speculation within the crypto industry. Should Kamala Harris secure the presidency, Bitcoin might face an “instant drop,” followed by a slower, more measured recovery. Deutscher projects this scenario could delay Bitcoin’s ascent to a new all-time high until the first quarter of 2025.
Regulatory Scrutiny
A Harris-led administration might usher in increased regulatory scrutiny, potentially impeding Bitcoin’s growth in the short term. Despite this, Deutscher remains confident in Bitcoin’s future, emphasizing that even under Harris’s leadership, Bitcoin’s journey to the $100,000 milestone remains probable, albeit at a more gradual pace.
Long-Term Optimism
Despite differing short-term outcomes based on the election result, Deutscher underscores a long-term optimism for Bitcoin, asserting that its path towards substantial value increase remains intact. Whether the journey is expedited under Trump or slightly protracted under Harris, the trajectory is ultimately positive.
