Donald Trump’s victory in the US presidential election has been confirmed, sparking speculation among cryptocurrency investors about the potential impact on Bitcoin’s price over the next four years. Interestingly, the market has already experienced some of the potential effects.
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The news of Trump’s win has propelled Bitcoin into uncharted territory, with the price surging to a recent peak of $77,239. Analysts note that Bitcoin has historically rallied after US elections, with the surge being even more pronounced following Trump’s initial election in 2016.
Looking back at Bitcoin’s performance after Trump’s 2016 win, the cryptocurrency saw significant gains that set the stage for its climb to record highs in 2017. With Bitcoin currently trading around $76,000 post-Trump’s latest victory, analysts speculate that the cryptocurrency could potentially reach $100,000 per coin.
Analysts also suggest that Bitcoin could potentially soar to $170,000 in the near future, with technical analysis pointing to a bullish trend that could see the cryptocurrency reaching new heights by 2025.
At the time of writing, Bitcoin is trading at $76,450, having recently hit a new all-time high of $77,239. The bullish momentum in the market indicates a potential rally that could continue leading up to Trump’s inauguration in January 2025.
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The early indicators and price sentiment suggest that Bitcoin’s price is on the rise following Trump’s win, signaling a potential upward trend that could see significant growth in the coming years.
Featured image from Investopedia, chart from TradingView