Originally published on: November 05, 2024
As the United States presidential election looms, experts predict that Bitcoin’s price may experience increased volatility, presenting a potential boost to its value.
At the moment, Bitcoin is trading below $69,000, exhibiting minimal volatility as market participants hold their breath for the election results. However, analysts at Bitfinex believe that a surge in volatility could actually drive Bitcoin’s price higher. They highlighted the potential for a price uptick, stating:
According to Bitfinex analysts, a win by former President Donald Trump, known for his pro-crypto stance, could set the stage for Bitcoin’s next bull run. Surprisingly, even if Vice President Kamala Harris emerges victorious, the cryptocurrency could still see a positive trajectory.
Just before the election, Bitcoin came close to its all-time high, surpassing $73,600 on Oct. 29, marking its highest level since March.
Many investors attribute Bitcoin’s October rally to a “Trump pump,” linking the surge in price with Trump’s increasing chances of re-election. However, experts caution that this trend might shift post-election, leading to a change in Bitcoin’s market dynamics.
While some argue that Bitcoin is serving as a proxy for a potential Trump win, analysts caution that the current rally may lack the necessary economic conditions to drive Bitcoin to new highs.
Looking beyond the election, the altcoin market is bracing for further downside, especially for tokens outside the top 10. Bitfinex analysts anticipate a challenging period for altcoins post-election, predicting:
Despite hopes for an altcoin season, the potential gains may be limited compared to previous cycles, casting a shadow on the altcoin market’s prospects.
With the outcome of the 2024 US election uncertain, the crypto market remains on edge, waiting to see how Bitcoin and altcoins will respond to the changing political landscape. Subscribe to our newsletter for more insights into the latest crypto developments and financial opportunities.
