Trump vs Harris: The 2024 U.S. election could spark a major Bitcoin rally, with analysts predicting Trump or Harris could push the cryptocurrency to new record highs.
With the 2024 U.S. presidential election approaching, Bitcoin’s price could be heavily affected by the result. Analysts are watching closely to see how the race between former President Donald Trump and Vice President Kamala Harris might impact Bitcoin, possibly pushing it to a new record high. As Bitcoin nears the $73,800 mark, investors are keen to understand how each candidate’s policies might influence its price. Here’s a look at what experts expect and how the election may shape Bitcoin’s future.
Trump vs Harris: Election Impact on Bitcoin Price Volatility
Bitcoin’s price has remained relatively stable leading up to election day, with cautious sentiment keeping it under its previous record of $69,000. The low volatility shows that investors are uncertain and waiting to see how the election results might impact the market. Bitfinex analysts say that Bitcoin’s steady price reflects a cautious mood, but they believe that price swings after the election could push Bitcoin higher.
An increase in price swings could be a good sign for Bitcoin, helping it rise above its current limit. Bitfinex analysts say that if Bitcoin doesn’t show this expected jump in activity, it might face a bigger drop soon. In that case, Bitcoin could struggle to reach new highs soon.
Donald Trump’s Potential Influence on Bitcoin Rally
Former President Donald Trump is often viewed as a more crypto-friendly candidate compared to Vice President Kamala Harris. Should he win the 2024 election many analysts believe it could ignite the next Bitcoin rally. This optimism stems from Trump’s perceived openness to innovation and deregulation, which may encourage crypto-friendly policies.
If Donald Trump wins, the market could interpret his administration as favorable to cryptocurrency, giving Bitcoin an additional boost. Analysts speculate that his win could support an upward trajectory, pushing Bitcoin above $73,800 and setting the stage for new records. This has led investors to call the recent rise in Bitcoin’s price the “Trump pump,” as it happened around the same time Trump’s chances in the election improved.
Harris’s Approach: Could It Still Benefit Bitcoin?
Even if Vice President Kamala Harris wins the presidency, Bitcoin’s price could still see gains. While she isn’t as strongly associated with pro-crypto policies as Trump, analysts at Sygnum argue that regulatory clarity under any administration is likely to benefit Bitcoin. Harris’s administration may not be as aggressive on deregulation, but the market still expects a positive regulatory landscape that could support cryptocurrency growth.
Sygnum analysts believe that the election results might not be as important as the expected supportive regulations for cryptocurrency after the election. They think that having clear rules in the U.S., no matter who the president is, could help raise Bitcoin’s price by making the crypto market clearer. However, a Trump administration could have a bigger impact because the market expects him to be more supportive of cryptocurrencies.
What Happens to Altcoins Post-Election?
While Bitcoin might benefit from the election results altcoins, especially smaller tokens outside the top 10, may not see the same effect. Bitfinex analysts think that altcoins might struggle to increase in value in the short term, regardless of the election results. Altcoins have been under a lot of downward pressure and this trend could keep going unless something significant happens to boost the altcoin market.
One main problem is that investors are not very excited about speculative altcoins. While Bitcoin might gain from a post-election rally, altcoins may not attract the same interest, making it hard for these assets to rise without a strong outside influence. Many analysts caution that, while an “altcoin season” has historically followed Bitcoin bull runs, the upcoming cycle may see muted gains for altcoins.
Can Bitcoin Reach $73,800 After the Election?
Whether Trump or Harris wins, analysts are optimistic about Bitcoin’s post-election trajectory. If price swings increase, Bitcoin could surpass its previous highs and possibly reach a new record above $73,800. This would match expectations of friendly regulations for cryptocurrencies, which investors think could lead to a new wave of Bitcoin adoption.
However, it’s worth noting that Bitcoin’s rise is not solely dependent on the election. Global economic conditions, Federal Reserve policies, and interest from big institutions will all influence Bitcoin’s future. However, a positive election outcome could be the spark that starts Bitcoin’s next major rally, helping it reach a record price in the coming months.
In conclusion, Bitcoin’s journey to $73,800 and beyond may depend on the 2024 U.S. presidential election. If Trump wins, it could quickly raise Bitcoin’s price because he is supportive of cryptocurrencies. However, even if Harris wins, there could still be good regulations that help Bitcoin. This election is very important because it might start a big price rally.
For the latest updates on US Election 2024 and cryptocurrency news, visit Coin Mozo on X.
Also Read: Voting for US Election 2024 Begins: Who Will Be America’s 47th President?
