Originally published on: November 08, 2024
Bitcoin is on the verge of reaching the $77,000 milestone as a surge of investor confidence sweeps through the market post the US election. Donald Trump’s victory has sparked renewed interest in Bitcoin-related products, with expectations of positive economic policies in the United States driving this bullish trend.
Just two days after Trump secured the presidential election victory, Bitcoin almost broke through the $77,000 mark on November 8th, signaling a fresh wave of enthusiasm for risk-on assets among investors.
Expert analysis from trading firm QCP Capital suggests that the recent Republican win could propel Bitcoin past the $77,000 mark with ease. With Bitcoin hitting an all-time high of $76,999 on November 7th, market data reflects this upward trajectory.
Historical data suggests that continued investments in spot Bitcoin exchange-traded funds (ETFs) could pave the way for Bitcoin to hit new records, in line with previous bull markets that followed Bitcoin halving events. Market analysts anticipate this post-halving bull run to extend through the third quarter of 2025.
Ryan Lee, chief analyst at Bitget Research, even predicts that Bitcoin could surpass $100,000 before the end of 2024, outperforming traditional assets like gold and equities.
Trump’s proposal of a 60% tariff on Chinese imports is also fueling Bitcoin’s rise, according to QCP’s research note. This potential tariff increase, from the 7.5% to 25% rates during Trump’s first term, is driving investor interest in Bitcoin as a hedge against economic uncertainties.
Following Trump’s win, spot Bitcoin ETFs witnessed record-breaking net inflows, with over $1.37 billion worth of cumulative investments on November 7th, according to data from Farside Investors.
The post-election optimism is expected to fuel further buying activity in both spot and ETF markets, driving Bitcoin towards new highs. Positive sentiment could also push Ether’s price towards a breakout above $3,200 in the near term, propelled by increased ETF inflows.
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