Why is the Bitcoin Price Up Today?

Amid the increasing chances of Trump becoming the next U.S. president, Bitcoin has crossed the $74,700 mark. As it inches closer to $75K, it trades near all-time high levels. 

Will Bitcoin reach the $80k milestone today if Donald Trump officially wins the US presidential elections? Coinpedia’s latest BTC price analysis, with a focus on US elections, will reveal the next potential price targets for Bitcoin!

Trump Headed for Victory

With Donald Trump leading the U.S. elections with 230 seats compared to Kamala Harris’ 187 seats, the Republican Party is inching closer to victory. Currently, at press time, Trump has 51.7% of voters in his support, increasing his chances of becoming the next U.S. president. 

Furthermore, Trump is leading in most of the key swing states that determine the U.S. presidential elections. Over the Polymarket, the chances of Donald Trump becoming the next U.S. president have increased significantly and reached 94.6%. The betting volume is inching closer to $1.5 billion, while Kamala Harris’ chances have dropped nearly 5%.

Crypto Market Analysis

Amid such increased bullish influence, Bitcoin dominance is inching closer to 60%. Meanwhile, the altcoins have registered nearly double-digit gains. Among the top performers, Solana has increased by nearly 17% to flip Binance and become the fourth-biggest cryptocurrency. It has reached a market cap of $88 billion and is currently trading at $186. 

The top performers include Goat, which had a 24-hour jump of 46%, followed by Dogecoin and Uniswap, which had a 30% and 23.6% jump, respectively. Dogecoin has hit a market cap of $30 billion and is currently trading at $0.2104, inching closer to a new 52-week high. 

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BTC Price Analysis

Coming back to Bitcoin, the BTC price chart reveals a massive bullish engulfing candle as the post-retest reversal gains momentum. In the past 24 hours, it has increased by 9.28% and reached a market cap just shy of the $1.5 trillion market cap. 

The past two candles account for a price jump of 10.86% and have surpassed the 100% Fibonacci level, inching closer to the 1.272 Fibonacci level at $79,000. This could be a potential target by the end of the day. The MACD indicator has given a bullish crossover, supporting the bullish trend. 

Curious to know if Bitcoin will hit $100,000 in 2024? Find a technically and logically driven answer in Coinpedia’s BTC price prediction, and subscribe to us for the latest crypto updates!