The recent presidential election has created a significant impact on the cryptocurrency market, especially with Bitcoin prices witnessing a positive surge following Donald Trump’s triumph over Kamala Harris. As Trump gears up for his second term in office, his dedication to establishing the United States as the “crypto capital of the world” has sparked optimism among investors, placing Bitcoin at the forefront of his economic strategies.
‘$13 Million Bitcoin Price Target Is Bearish’
Dennis Porter, the CEO and co-founder of the Satoshi Action Fund, has been an outspoken advocate about the consequences of Trump’s victory for Bitcoin and the broader cryptocurrency arena. Through a series of posts on the social media platform X (formerly known as Twitter), Porter underscored the potential for Bitcoin to undergo substantial price discoveries in the foreseeable future. He stressed that the election results indicate a major transition in the political environment concerning cryptocurrencies.
Porter remarked that following the 2024 presidential election, it is “abundantly clear” that Bitcoin stands as a “winning issue,” suggesting that not supporting Bitcoin could be seen as “political suicide.” He forecasts that the United States will lead the charge on BTC. As the global community begins to acknowledge this reality, Porter anticipates a “dramatic” surge in Bitcoin adoption worldwide.
Rising Political Support
In tandem with Trump’s victory, the Republican Party has clinched a majority in Congress, bolstering the prospects for cryptocurrency legislation. Porter pointed out that over 250 members of Congress now favor Bitcoin, which could pave the way for a more welcoming regulatory framework, allowing the crypto market to flourish. This newfound political backing could result in legislation that clarifies regulations while promoting innovation and investment in the digital asset sector. Additionally, it could facilitate the approval and implementation of one of Trump’s significant pledges: positioning BTC as a strategic reserve asset for the nation.
One of Porter’s most noteworthy comments came just 24 hours post-election when he proposed that a $13 million Bitcoin forecast might actually be considered bearish. He advised to “expect the unexpected,” hinting at the potential for even greater valuations for Bitcoin in the near future.
Extended Bull Run For BTC?
In a social media update, market expert Rekt Capital shared insights into Bitcoin’s short-term price movements. He emphasized the significance of a weekly candle closing above $71,500, which could mark the beginning of a breakout from the current re-accumulation range. Rekt Capital observed that Bitcoin has been in an elongated re-accumulation phase for over 200 days since the last Halving event, which took place earlier this year in April.
Rekt Capital highlights that historical trends suggest a bullish sentiment, as Bitcoin’s cycle duration has notably decreased from an average of 260 days to just 13 days in the current post-Halving context. This reduction in cycle duration indicates that Bitcoin is in a somewhat accelerated phase compared to previous cycles. However, the current rate of acceleration is not as steep as it was earlier in the year, notably in March 2024, indicating a stabilizing trend.
Due to this extended consolidation period, Bitcoin has almost completely realigned with historical Halving cycles. Rekt Capital believes this resynchronization could lead to an extended and more robust bull run than initially anticipated.
Potential Market Peak Timing
In a related analysis, crypto analyst Ali Martinez delves into the potential timing of Bitcoin’s next market peak. He highlights a historical pattern where Bitcoin typically reaches market tops 8 to 12 months after achieving a monthly close above its previous all-time high. Ali Martinez projects that if this pattern continues, the next significant market peak for Bitcoin could occur between July and November 2025.
At the time of writing, Bitcoin was trading at $75,100, indicating its attempt to consolidate its price above $75,000.
