Is Bitcoin (BTC) Price on the Verge of a Massive Rally?

With the US Presidential race in full swing, the price of Bitcoin has also soared.

As reported by CryptoPotato, BTC hit a new all-time high, rising to $75,000.

Source: TradingView

This came as the odds of Donald Trump winning the race rose to around 90% on Polymarket, the leading cryptocurrency prediction market.

Source: Polymarket

That said, it’s important to note that over the long term, interest in Bitcoin remains incredibly low among retail investors. According to Google Trends, worldwide searches for “Bitcoin” were higher even earlier this year.

Source: Google Trends

The lack of retail participation could be an indication that the market is not yet in a state of euphoria, which is usually characteristic of the later stages of a bull market.

It is also important to monitor the results and outcome of the US presidential election. A convincing victory for Donald Trump could further boost prices, given his plethora of preliminary promises that favored the crypto industry throughout his political campaign leading up to the election. For example, he said he would fire the current chairman of the US Securities and Exchange Commission, Gary Gensler, on the first day of his presidency. Gensler has long been at war with the industry.

Throughout its most recent tenure, Bitcoin price followed its iconic bull run to reach an all-time high of $20,000 in late 2017 and early 2018, leading many to believe another rally could be in the offing. in case Trump won.

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