As the November 5, 2024, U.S. general elections draw near, the cryptocurrency market—led by Bitcoin (BTC)—is slowly picking up momentum. The growing use of digital assets by both retail traders and institutional investors in the U.S. has become more connected with the political landscape in recent years.
Over 50 million American voters are now involved in the cryptocurrency market, and this trend is expected to grow. As a result, the next U.S. president may be influenced by their stance on crypto-related policies.
Polymarket, a decentralized prediction platform, currently shows a 63% chance of Donald Trump winning the election against Kamala Harris. Tech billionaire Elon Musk believes Trump’s odds could rise to 69%, based on his strength in key swing states.
Crypto traders are betting that Bitcoin could see a bullish breakout if Trump wins, just as seen in past elections. However, some experts urge caution. A well-known Bitcoin critic warns that a Trump victory could turn into a “sell-the-news” event, pushing prices down.
Gold Continues to Push New Highs
While Bitcoin draws attention, veteran investor Peter Schiff argues that gold remains the preferred choice for those seeking safety against inflation and economic uncertainty. Gold prices have been rising, recently hitting a new record high of over $2,730 per ounce.
According to legendary trader Peter Brandt, Bitcoin price is currently trading at a crucial crossroads, which will heavily determine the next phase. From a technical analysis standpoint, Brandt highlighted that Bitcoin price could either drop to $48k next or breakout towards a new all-time high (ATH) soon.
Meanwhile, institutional investors, including U.S. spot Bitcoin ETF issuers, are preparing for a possible Bitcoin rally. They see parallels between Bitcoin’s potential and gold’s recent price surge, as well as the broader stock market’s resilience.
Do you see Bitcoin rallying or retreating in this election cycle? We’d love to hear your take.
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