Bitcoin’s price is poised for significant movement as Americans head to the polls in today’s presidential election. Crypto enthusiasts are closely watching to see whether Donald Trump or Kamala Harris will take office.
Top crypto analyst Miles Deutscher predicts that the election result could either drive Bitcoin quickly toward its $100,000 target or lead to a temporary setback, highlighting the cryptocurrency market’s sensitivity to political changes.
As an investor or trader, we know you’re at the edge of your seat. Here’s what you can expect ahead.
Deutscher believes the election will have a noticeable “short-term impact on crypto sentiment,” especially regarding Bitcoin. Currently priced around $68,550, Bitcoin has seen some fluctuations, dropping from last week’s seven-month high of over $73,000.
Deutscher suggests that a Trump win might cause an “instant pump” in Bitcoin’s price, possibly pushing it to a new all-time high (ATH) of around $100,000 by the end of the year. He cites Trump’s pro-business policies and potential regulatory relief for crypto as factors that could create a favorable environment for both Bitcoin and altcoins, sparking a faster price surge across the market.
This optimistic scenario, according to Deutscher, would not only benefit Bitcoin but also attract increased investor interest and demand, laying a stronger foundation for future growth.
Meanwhile, in recent weeks, both Bitcoin prices and Donald Trump’s election odds on the blockchain-based betting platform Polymarket have dropped sharply, while Kamala Harris’s chances have risen arousing speculation in the crypto industry.
On the other hand, if Kamala Harris wins, Bitcoin could face an “instant drop,” followed by a slower, more gradual recovery. He predicts this scenario could delay Bitcoin’s rise to a new all-time high until the first quarter of 2025.
Despite the possible challenges, Deutscher remains hopeful about Bitcoin’s long-term prospects. He asserts that while a Harris administration might introduce regulatory hurdles, Bitcoin’s path to $100,000 is still likely, though it may take longer to achieve.
Whether under Trump’s pro-business policies or Harris’s more cautious approach, Deutscher sees Bitcoin reaching new heights, even if the journey takes a bit more time.
In this high-stakes game of politics and crypto, every vote counts, and so does every Bitcoin.
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