Bitcoin poised for $100,000, Trump win could be short-term catalyst, analyst says

Bitcoin (BTC) could be preparing for a historic $100,000 bomb, and according to crypto analysts, the upcoming US presidential election may yet play a key role.

According to experts, the cryptocurrency can reach this price milestone regardless of who wins. However, they suggest that a Trump victory could serve as a short-term catalyst, building his momentum much more quickly.

Influence of Elections on Bitcoin Price Action

Market watchers have noted that on previous occasions, bitcoin’s performance rose after the election, and with polls set for November 5, they suggest that the asset is very likely to continue the trend this year.

In a November 4 post on X, prominent analyst Miles Deutscher echoed sentiments previously shared by crypto trader Jordan Fish, aka Cobie, that BTC was destined to reach the $100,000 mark regardless who occupies the White House.

On the other hand, he noted that the price of the number one cryptocurrency aligns more closely with Trump’s election odds, reflecting the market’s anticipation of a potential change in the regulatory and economic landscape.

Deutscher indicated that a Trump victory could boost the price of BTC in the short term, with investors anticipating a more favorable regulatory environment.

Instead, the expert suggested that a Kamala Harris victory could temporarily lower the asset’s price. This, he said, was because the Democratic flag bearer could take a more cautious stance towards crypto regulation, which could affect early investor sentiment. Still, Deutscher believes that won’t stop a more sustained uptrend from hitting the market.

Long-term growth will not be affected by the winner

Bitcoin has a history of rebounding strongly after elections, regardless of the winning party. Crypto chart Ali pointed this out, noting that even with Joe Biden winning in 2020, the market was still up.

The trend supports a widely held view in crypto that while elections can influence BTC’s short-term reactions, they rarely affect its long-term growth.

With just one day left until the United States decides its next president, the price of BTC is trading just below the $69,000 level, almost surpassing its all-time high price of $73,737 about a week ago.

Price changes over several periods are quite insignificant, with a slight increase of 0.2% in 7 days offset by a fall of 0.1% in the last 14 days. So far in 2024, BTC is up more than 60%, outperforming traditional assets like gold and stocks in that time.

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