The countdown to the United States 2024 general elections, slated for November 5, has begun, with the cryptocurrency market, particularly Bitcoin (BTC), gaining momentum. The increasing mainstream adoption of digital assets by both retail traders and institutional investors in the U.S. is reshaping the political landscape. This intersection of finance and politics is becoming increasingly evident, as more than 50 million American voters have investments in the crypto market, a trend anticipated to rise in the future. Consequently, the stance of the next President of the United States (POTUS) on cryptocurrency policies could significantly influence their electoral success.
Peter Schiff Predicts a Bitcoin Dump if Trump Wins
Peter Schiff, a notable critic of Bitcoin, has voiced a prediction that has caught the attention of cryptocurrency enthusiasts. He suggests that if Donald Trump secures victory in the upcoming presidential election, there might be a significant “Bitcoin dump.” Schiff argues that while many believe Trump’s win could be bullish for Bitcoin, the current lack of price rally might indicate that speculators have already acted on this belief. According to Polymarket, a decentralized prediction marketplace, the odds of Trump winning against Kamala Harris have risen to 63%. Tech magnate Elon Musk speculates that these odds could climb to 69%, driven by Trump’s popularity in key swing states.
Despite the bullish sentiment among some crypto traders, Schiff maintains that Bitcoin could experience a “sell-the-news” event if Trump wins. In contrast, Schiff emphasizes that Gold continues to attract investors as a hedge against global inflation and economic uncertainties. Notably, Gold has recently achieved a new all-time high, surpassing $2,730 per ounce, leading a bull run in the precious metals market.
Midterm Targets for BTC
As the cryptocurrency market navigates these uncertain times, legendary trader Peter Brandt has provided insights into Bitcoin’s potential price movements. Brandt notes that Bitcoin is at a critical juncture, which will significantly influence its next phase. From a technical analysis perspective, Bitcoin could either decline to approximately $48,000 or surge towards a new all-time high soon.
Meanwhile, institutional investors are closely monitoring these developments. Led by U.S. spot Bitcoin ETF issuers, these investors are betting on an inevitable rally in Bitcoin and the broader crypto market, drawing parallels to the behavior of Gold and major stock indexes. The anticipation of a bullish breakout showcases the dynamic nature of the cryptocurrency landscape as it reacts to political and economic shifts.
