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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 23, 2024 03:49 UTC
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Ready for the ‘Trump Dump’? Expert Warns of Bitcoin Crash if Trump Wins 2024 Election
The crypto market, led by Bitcoin, is gaining momentum as over 50 million U.S. voters are involved in cryptocurrency.
Polymarket shows Trump with a 63% chance of winning, sparking optimism among crypto traders for a potential Bitcoin rally.
Institutional investors are betting on a near-term rally, and gold continues to attract attention as a hedge.
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.
Trump vs Harris: How Will the Markets Respond?
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.
Midterm Targets for BTC
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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